Resumption of Iran-Pakistan banking ties underway

A Pakistani exporter says that trade between Iran and Pakistan can be enhanced further after resumption of banking ties between the two neighboring states.

2 July 2018
ID : 1603
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In an interview with the Islamic Republic News Agency (IRNA), Irfan Nawaz, member of Sialkot Chamber of Commerce and Industry (SCCI) said trade between Iran and Pakistan is on a positive trajectory.

Earlier Ambassador of Iran to Pakistan Mehdi Honardoost had said that a currency swap agreement and resumption of banking channels between Iran and Pakistan is under process.

Last year the State Bank of Pakistan (SBP) and Central Bank of Iran (CBI) reached an agreement on banking and payment system, as the two countries seek to raise the volume of bilateral trade to $5 billion.

Irfan Nawaz expressing his views said that if India, China, Russia, South Korea, Turkey can have banking ties with Iran then why Pakistan cannot.

He added that Pakistan is very good in producing sports equipment and can do a lot of business with Iran in the area. “We are doing business with Iranian customers but it should be enhanced further,” he noted.

He said that lack of banking channel is hampering the trade between Iran and Pakistan. The exporter added that previously we used to make payments through Dubai but for the last four months Iranian customs has stopped this process which is creating lot of problems for us.

The businessman urged the Iranian authorities to lift the restriction so that traders of both the countries can resume their normal trade activities

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