A special agenda meeting was called of all banks and financial institutions by State Bank of Pakistan in order to review the performance of banking channels with Iran after the sanctions being lifted.
The meeting was lead by the Executive Director – BPRG, senior bankers from different banks were present in the meeting.
Under the Federal Government‘s decision, State Bank suggested all banks to begin normal business activities with Iran as per United Nations’ resolution and order by the Federal Government on the removal of sanctions on February 25th, 2016.
The issues regarding international sanctions and future plan of action were also discussed.
Guidelines for trade with Iran after the sanctions being lifted and the remaining sanctions still present were provided by State Bank and certain questions and concerns from banks were also satisfied.
In order to restore business activities and normal trade as soon as possible, banks were suggested to prioritize steps to be taken for updating their procedures, policies, systems and controls, restoration of communication channels and agreements with their partners in Iran.
Recognizing the geographical importance of Pakistan and Iran, the banking channels restoration with Iran will result in the revival of trade and business between the two countries.
