ISLAMABAD – For the first time in history, Pakistan to launch Export ImportBank in the country, media report has revealed.
As per the media report, The Ministry of Finance, the Ministry of Commerceand the State Bank of Pakistan (SBP) to establish Export and Import (Exim)Bank in the country.
The Bank may start its operations in 2020, reported a local Englishnewspaper.
According to the report, the bank will assist the export and import ofunconventional goods to many countries of the world with which Pakistandoes not have regular trade relations. For the purpose, the Ministry ofFinance has constituted a high-level committee, which is currently drawingup a legal and regulatory model and the State Bank will be the regulator.
Last year, a consultant of the Asian Development Bank (ADB) and a localconsultant were taken onboard and tasked with making recommendations forthe services to be provided by the bank.
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The idea of setting up the bank was floated in 2015, and in 2017, thecentral bank conducted a survey to study the legal frameworks under whichsimilar banks were running across the globe and see how the operations wereconducted.
These included banks in Canada, Germany, Malaysia, Turkey, Denmark, Indiaand the United States said the report.
