For the first time in history, Pakistan to launch Export Import Bank in the country

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For the first time in history, Pakistan to launch Export Import Bank in the country

ISLAMABAD - For the first time in history, Pakistan to launch Export Import Bank in the country, media report has revealed.

As per the media report, The Ministry of Finance, the Ministry of Commerce and 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 English newspaper.

According to the report, the bank will assist the export and import of unconventional goods to many countries of the world with which Pakistan does not have regular trade relations. For the purpose, the Ministry of Finance has constituted a high-level committee, which is currently drawing up 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 local consultant were taken onboard and tasked with making recommendations for the services to be provided by the bank.

The idea of setting up the bank was floated in 2015, and in 2017, the central bank conducted a survey to study the legal frameworks under which similar banks were running across the globe and see how the operations were conducted.

These included banks in Canada, Germany, Malaysia, Turkey, Denmark, India and the United States said the report.