SBP allows banks to resume trade with Iran

KARACHI (APP) - State Bank of Pakistan (SBP) on Thursday informed banks and other financial institutions that previous sanctions on Iran have been lifted and normal business activities can be commenced within the scope of UNSC resolution.

SBP has advised banks/FIs to remain mindful about the activities and persons which continued to remain on the United Nations’ Security Council (UNSC) list, as well as the currencies or financial systems which were subject to certain restrictions, said a SBP statement.

SBP has issued such instructions to banks/FIs in line with the Federal Government’s decision to implement UNSC resolution 2231 dated July 20, 2015 regarding lifting of sanctions against Iran.

The lifting of sanctions and restoration of banking channels between Pakistan and Iran would help revive normal trade and business activities between the two neighbors.