SBP convenes meeting on trade with Iran

KARACHI: The State Bank of Pakistan (SBP) on Monday called a special meeting of commercial banks to discuss the progress made by the banking side for facilitating trade transactions with Iran.

According to a statement issued by the central bank, the participants discussed the issues related to international sanctions and deliberated on future course of action.

The State Bank of Pakistan 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,” the statement said. 

“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,” it added. 

In line with the federal government’s decision regarding lifting of sanctions against Iran, the State Bank of Pakistan advised all banks last month that normal business activities can be started with Iran as per UN resolution and notification of the government on removal of sanctions against Iran.