Tag Archives | State Bank of Pakistan (SBP)

Iran, Pakistan Sign Banking Agreement to Facilitate Trade

The Central Bank of Iran (CBI) and the State Bank of Pakistan (SBP) signed a Banking and Payment Arrangement (BPA) to streamline trade transactions between the two nations. “The objective of this BPA is to provide a trade settlement mechanism to promote trade between Pakistan and Iran,” SBP said in a statement on Friday, DAWN […]

Pakistan Trade with Iran to Start Next Month

By John Lee. Pakistan and Iran will resume banking channels from next month to facilitate official trade between the two countries, according to a report from The News. Zubair Tufail, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said he expects the first letter of credit (LC) for Iranian trade will […]

Pakistan to Trade with Iran in Euros, not Dollars

By John Lee. IRNA reports that Pakistani businessmen will open letters of credit (LCs) for imports from Iran in euros instead of dollars, as some US sanctions are still in place that could obstruct payments to Tehran. The State Bank of Pakistan (SBP) said it was not possible at this stage to open LCs in […]

Pakistan “Fully Open to Iranian Banks”

By John Lee. The head of Pakistan’s central bank says that his country is fully open for Iranian banks to open branches. The Governor of the State Bank of Pakistan (SBP) (Central Bank of Pakistan), Ashraf Mahmood Wathra, told IRNA that Bank Melli Iran had expressed an interest in opening a branch in Pakistan, adding […]

Pakistan Lift Banking Restrictions on Iran

By John Lee. Pakistan’s central bank has lifted restrictions on commercial banks and financial institutions to do business with Iran. In a statement, the State Bank of Pakistan (SBP) said: “In line with the federal government’s decision to implement the United Nations Security Council Resolution  regarding lifting of sanctions against Iran, the State Bank […]