Pakistan’s Banks, Financial Institutions Cleared for Business with Iran
TEHRAN (Tasnim) – All of Pakistan’s commercial banks and financial institutions have been cleared for business with Iran, the South Asian country’s Central Bank 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 of Pakistan has communicated to banks/financial institutions that previous sanctions on Iran have been removed and normal business activities can be commenced within the scope of the Resolution," the central bank said in a statement on Friday, Reuters reported.
"It is expected that the lifting of sanctions and restoration of banking channels between Pakistan and Iran would revive normal trade and business activities between the two neighbors," it added.
The move came after global transaction network SWIFT (Society for Worldwide Interbank Financial Telecommunication) reconnected a number of Iranian banks to its system earlier this month, allowing them to restart cross-border transactions with foreign banks after the termination of anti-Tehran sanctions.
There has been growing international interest in trade and banking ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.
The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.
