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UN endorses Iran deal, paves way to lift sanctions

07:28 PM | 20 Jul, 2015
UN endorses Iran deal, paves way to lift sanctions
UNITED NATIONS (APP) - The UN Security Council on Monday unanimously adopted a resolution that endorses the historic deal on Iran's nuclear program and clears a path for international sanctions crippling its economy to be lifted.

Representatives of all 15 countries on the council voted by raising their hands.

"The draft resolution has been adopted unanimously," announced New Zealand's Foreign Minister Murray McCully, who presided over the Security Council for the Iran meeting.

The passing of the resolution marks formal UN endorsement for the hard-won, groundbreaking agreement reached between Iran and the so-called P5+1 group after 18 straight days of talks that capped almost two years of momentous negotiations.

On condition that Iran respects the agreement to the letter, seven UN resolutions passed since 2006 to sanction Iran will be gradually terminated, according to the text.

The agreement with Tehran was reached last Tuesday in Vienna by the UN council's five permanent members Britain, China, France, Russia and the United States plus Germany.

The text launches a progressive and conditional lifting of sanctions, in exchange for guarantees that the Islamic republic will not develop a nuclear bomb.

"When our nations truly unite to confront global crises, our influence grows exponentially," said US ambassador Samantha Power, calling for similar collaboration on other problems such as the suffering in Syria.

"It should motivate us to do far more," she added.

China's ambassador Liu Jieyi also welcomed the vote and called it "the first important step" towards implementing the deal reached in Vienna.

The resolution calls for "full implementation on the timetable established" of the agreement and urges UN member countries to facilitate the process.

The council charges the UN nuclear watchdog, the International Atomic Energy Agency, to "undertake the necessary verification and monitoring of Iran's nuclear commitments."

Those commitments include limiting the number of centrifuges for its fissile material. The resolution demands that Iran "cooperate fully" with the IAEA.

As soon as the council receives an IAEA report confirming that the nuclear program is entirely peaceful, the seven UN sanctions resolutions against Tehran will be terminated and replaced by the terms of Monday's resolution.

Those sanctions to be lifted include a ban on the trade of goods or services linked to Iranian nuclear activities, and the freezing of financial assets of designated Iranian officials and companies.

But embargoes on the sales and exports of conventional weapons and ballistic missile technology will remain in place -- for five years for conventional weapons and for eight years for missile technology.

If Tehran violates any of its engagements, the council can initiate proceedings to reinstate its panoply of sanctions.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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