Iran-Pakistan Banking Channels to Reopen Soon: SBP Chief
TEHRAN (Tasnim) – Governor of State Bank of Pakistan (SBP) Ashraf Wathra said the country’s banking channels with Iran will be reopened in the near future.
Wathra said the banks of Iran and Pakistan will resume their activities very soon, adding that this may involve renewal of “correspondent banking” relationships among commercial banks on both sides for the settlement of transactions, The Express Tribune reported on Monday.
“However, this may not be construed as immediate opening of more (bank) branches on either side,” the chief spokesperson further said.
There has been growing international interest in banking and trade 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.