FPCCI alleges SBP for misguiding on Pak-Iran trade

FPCCI alleges SBP for misguiding on Pak-Iran trade

KARACHI: The apex trade body of the country has alleged the State Bank of Pakistan (SBP) for misguiding the ministry of commerce on Pak-Iran trade.

Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement on Saturday said that the SBP had misdirected the commerce ministry by advising against banking channels with Iran for sanctions-related concerns; and, not offering and advocating its due and required facilitative role for the barter trade. “Any State Bank should be an enabler of trade and growth; not a block and disruptor like SBP,” the FPCCI said.

The FPCCI chief hailed the Ministry of Commerce’s efforts to kick start barter trade with Iran on a mass scale; however, he has expressed his concerns and apprehensions pertaining to the conduct of the SBP for creating obstacles and showing inaction for the same.

Maggo maintained that when Europe, India and China can do barter trade with Iran, why Pakistan can not do that; while, Pakistan is at the greater advantage on the back of long border and geographical contiguity as compared to all other countries and regions.

Nasir Khan, VP FPCCI from Balochistan, emphasized that it is in the national interest of Pakistan to have barter trade with Iran and have marketplaces in the border areas of the two brotherly countries.

He added that he considers the conduct of the Governor SBP against the national interest and detrimental to the economic growth and prosperity of Pakistan.

Nasir Khan added that Pakistani exporters can export large quantities of rice, meat, pharmaceuticals and textiles to Iran and that can translate into upwards of equivalent of five billion dollars annually; which, in turn, will create millions of jobs.

Nasir Khan further said that the current Governor SBP is an imported one and is not taking care of Pakistani interests into account. We need a die-hard Pakistani at the helm of the affairs, he added.