Bank Melli of Iran to open branches in Pakistan soon

ISLAMABAD, Pakistan: Central Bank of Iran (CBI) director general for international affairs Hossein Yaqobi Miab announced that a permission for Bank Melli of Iran to open branches in Pakistan would be issued in next few days.


He added that the Pakistani side has underlined that as soon as they receive request by the Bank Melli to this effect they will announce their agreement, IRNA reported.

Miab, told IRNA that following implementation of Joint Comprehensive Plan of Action, Iran and Pakistan started negotiations to begin banking cooperation under the new situation which led to the two countries finalizing the agreement.

The official said that articles of the agreement are completely operational, including opening of the CBI accounts in Pakistani Central Bank, rejoining of Iran to Asian Clearing Union (ACU), which is an important progress, and the establishment of a joint banking committee by the two countries comprising several Iranian and Pakistani banks. The Miab said that SWIFT system is in place between Iran and Pakistan now.

Upon the agreement, the two countries will use their own national switching systems to support bank credit cards, so Iranian or Pakistani citizens may use ATM system for transaction.

A group of IT experts from Central Bank of Iran is due to visit Pakistan to prepare ground for this technical work.

The Iranian official said that four Pakistani banks are eager to open branches in Iran.

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