Karachi to witness the first Iranian bank in Pakistan soon

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iranian bank in pakistan

The first Iranian Bank in Pakistan is soon to be opened as a first branch in Karachi. The State Bank of Pakistan (SBP) and Central Bank of Iran have also finalized the modalities for the same. This was confirmed by Mohammad Hossein Bani Asadi, who is the Iranian Consul General.

Asadi also spoke at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday. He also said that Iran is interested to be a part of the China Pakistan Economic Corridor (CPEC) too.

Mutual trade volume should also be enhanced through effective measures taken by both Pakistan and Iran. He confirmed this while he was heading a three member delegation of Iranian Construction Group. He also added that Iran is all ready to fulfill Pakistan’s growing energy needs. The Pakistan Iran Gas Pipeline project can also be completed very shortly too.

Abdul Basit is the President of the LCCI. He says that collaboration between Pakistan and Iran for doing businesses in CPEC related projects can go a long way. Trade between the two countries can be strengthened when both countries conduct a market research for the same.

Iran’s development in banking

This should also be noted that it was just a few couple of days back when Iran issued its first credit card. The banks have said that it might take a bit of time for the systems to become used to using the new standard. It has though been seen that this will definitely change the economic game of banking in the country. More digitization will be achieved while more businesses shall also be carried out. This is because the limits on these cards have also been changed to increased numbers as well. Hence, Iran is definitely trying its best to reach for the best after the lifting of the sanctions.

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