An inter-ministerial meeting chaired by Finance Minister Ishaq Dar decided to lift the sanctions on Iran.
A notification issued by the Ministry of Foreign Affairs revivec all economic and commercial relations with Tehran, including trade, investment, technology, banking, finance and energy.
All the previous notifications giving effect to sanctions imposed on Iran by UN Security Council repealed with the issuance of the new notification by the foreign ministry.
A meeting chaired by Minister of Finance ruled that Pakistan had welcomed the Joint Comprehensive Programme of Action (JCPOA) agreed between Iran and world powers and it appreciates the steps taken by Iran for the implementation of the agreement.
The lifting of sanctions will give a boost to, economic and trade relations between the two neighbourly countries.
State Bank statement
A spokesman of the State Bank of Pakistan talking to ARY News has said that the central bank has granted permission to the banks to open Letters of Credit (LCs) for bilateral trade with Iran.
The spokesman further said that after lifting of complete US sanctions against Iran the LCs could also be opened in US dollar.