Business

SBP guides banks on Iran trade in post-sanctions milieu

KARACHI: In the backdrop of lifting of sanctions against Iran, the State Bank of Pakistan (SBP) today called a special meeting of officials from all banks to discuss the progress made by the banking side for facilitating trade transactions with Iran, read an SBP press statement.

The meeting, chaired by the Executive Director-BPRG, was attended by senior bankers from the banking industry.

On February 25, the SBP advised all banks that normal business activities can be started with Iran as per the UN resolution and a 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.

The 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.

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