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Pak Telecom Mobile Limited - Ufone and HBL have signed a landmark agreement, through which HBL has extended a bilateral Trade Finance in Chinese Yuan (RMB/CNY) for the import of cellular network equipment through Huawei Technologies Co Ltd.

The Landmark agreement is part of one of the largest RMB/CNY contracts in the history of Pakistan between Ufone and Huawei Technologies Co Ltd., and it would furthermore be a breakthrough in the banking industry of the country.

The trade deal under this new mode of transaction will set a precedent for different sectors and corporations in both friendly countries-China and Pakistan-which plan to take their working relationship to the next level through this currency swap agreement. This transaction would also ease off the pressure of import bills in terms of dollars for Pakistan.-PR

Copyright Business Recorder, 2019

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