Tehran, Islamabad urged to launch joint bank
Head of Iran-Pakistan Chamber of Commerce Mahmoud Tohidast has urged Iran and Pakistan to launch a joint bank to ease the transfer of money and to open the way for boosting trade.
Speaking to ILNA news agency about the forex exchanges between Iran and Pakistan, Tohidast said that for years Iran’s trade with Pakistan has been traditional, and currently there is no forex exchange between both states, and all works are done traditionally.
He said central banks of Iran and Pakistan should reach an agreement for easing the forex transfer, and launching the joint bank between Iran and Pakistan can help it or both countries by announcing a reference bank for doing their banking transactions can make it happen and Pakistan can work with Iran with the forex.
Tohidast noted that in the past, both countries decided to set up joint funds for doing forex exchanges but no practical action has been taken yet, adding that of course if trade exchanges are done based on banking procedure and through opening LCs, it will definitely affect Iran’s exports.
He reiterated that Iran and Pakistan trade is traditional and he is not aware of how much money of Iran’s gas and electricity exports to Pakistan has not been repatriated.
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