KARACHI: The State Bank of Pakistan (SBP) will soon allow banks to resume ties with Iranian counterparts, an official said.
“The central bank will soon issue instruction to banks regarding this,” Chief Spokesman Abid Qamar at the SBP said. “After the issuance of instructions to banks, all permissible transactions with Iran will be possible.”
Qamar said currently the central bank-to-central bank contact is not necessary. “The decision of the (Pakistan’s) government will be intimated to Iranian central bank,” he added.
In February, Pakistan lifted sanctions on Iran pursuant to UN Security Council Resolution 2231. The modalities for lifting of sanctions were finalised at an inter-ministerial meeting chaired by Finance Minister Ishaq Dar. The Ministry of Foreign Affairs issued the formal notification following the meeting, which will revive economic and commercial relationship between Pakistan and Iran, including in the areas of trade, investment, technology, banking, finance and energy.
