Valiollah Seif who was accompanying President Rouhani on his two-day visit to Islamabad, signed an MoU on banking cooperation with his Pakistani counterpart Ashraf Wathra at Iran-Pakistan Business Forum on Saturday.
The MoU includes the establishment of banking ties and opening of mutual accounts between the central banks of the two countries in various currencies, as well as providing the necessary conditions for mutual cooperation between the central banks with an aim to facilitate commercial transactions by providing a variety of banking services as well as the use of payment systems by citizens of both countries.
The agreement also allows Iran to set up a branch of Bank Melli in Pakistan and for Pakistan to set up a branch of Habib Bank in Iran.
Iran’s reintegration into the Asian Clearing Union (ACU) has been approved by both sides in the MoU. Under this agreement, businessmen of both countries can settle payments for intra-regional transactions via the operating banks with ease.
Iran, Pakistan, India and Bangladesh are the main members of the ACU.
In order to monitor the implementation of the MoU, the two sides agreed to form a permanent committee under the title of ‘Iran-Pakistan Joint Banking Committee.’
Also on Saturday, in another meeting between Iranian Interior Minister Abdolreza Rahmani Fazli and Pakistani Minister of Finance Mohammad Ishaq Dar, the two sides said the 20th session of Iran-Pakistan joint economic committee will be held in Tehran within the next few months.
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