Wathra meets banks CEO dis­cuss bank­ing chan­nels with Iran

The Pak Banker - - FRONT PAGE -

KARACHI: In the back­drop of lift­ing of sanc­tions against Iran, State Bank of Pak­istan called a spe­cial meet­ing of all banks/ FIs to­day the 14th of March 2016 to dis­cuss the progress made by the bank­ing side for fa­cil­i­tat­ing trade trans­ac­tions with Iran. The meet­ing, chaired by the Ex­ec­u­tive Di­rec­tor-BPRG, was at­tended by se­nior bankers from the bank­ing in­dus­try. It may be re­called here that in line with the Fed­eral Govern­ment's de­ci­sion re­gard­ing lift­ing of sanc­tions against Iran, State Bank of Pak­istan ad­vised all banks on Fe­bru­ary 25, 2016 that nor­mal busi­ness ac­tiv­i­ties can be started with Iran as per UN Res­o­lu­tion and No­ti­fi­ca­tion of the Fed­eral Govern­ment on re­moval of sanc­tions against Iran. The par­tic­i­pants dis­cussed the is­sues re­lated to in­ter­na­tional sanc­tions and de­lib­er­ated on fu­ture course of ac­tion. SBP pro­vided gen­eral guid­ance on trade with Iran in the post sanc­tions mi­lieu while keep­ing in view the resid­ual sanc­tions and clar­i­fied points raised by banks. The banks were em­pha­sized to take im­me­di­ate mea­sures for up­dat­ing their poli­cies, pro­ce­dures, sys­tems and con­trols, restora­tion of com­mu­ni­ca­tion chan­nels and agree­ments with their coun­ter­parts in Iran for early re­cov­ery of nor­mal trade and busi­ness ac­tiv­i­ties. Given the ge­o­graph­i­cal prox­im­ity and eco­nomic affin­ity be­tween Pak­istan and Iran, it is ex­pected that restora­tion of bank­ing chan­nels would re­sult in the re­vival of nor­mal trade and busi­ness ac­tiv­i­ties be­tween the two neigh­bors.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.