Closure of Banking Channels With Neighboring Countries is Hampering Trade: FBR

The biggest issue hampering the regional trade between Pakistan and neighboring countries is the closure of the legal banking channels of Iran and Afghanistan.

Top FBR officials told ProPakistani at the FBR Headquarters on Thursday that the banking channels of two major regional trading partners of Pakistan are closed. These banking channels are closed under international laws. Under the legal arrangements, Pakistan has no authority to trade through normal banking channels with Iran and Afghanistan.

Some of the traders arrested on the charges of smuggling were practically traders who intended to make payments in dollars in cash as they are unable to use the banking channels of Afghanistan and Iran.

Pakistan has only two options left. Either the trading with Iran and Afghanistan is done through barter exchange of goods or traders can do Hawala Hundi, senior FBR officials added.

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