September 5, 2023
Banking Pakistan

Pakistan Conveys Appeal In Likelihood Of Money Exchange With Russia

Pakistan has reportedly expressed interest in the possibility of currency swap with Russia and signing of an agreement in this regard, well informed sources told Business Recorder.

Islamabad conveyed its intention during the eighth session of the Pakistan-Russia Inter-Governmental Commission (IGC) on Trade, Economic, Scientific, and Technical Cooperation held on January 18-20, 2023 in Islamabad.

The sources said the two sides agreed to promote cooperation in the financial and banking sector, in particular, to work out the issue of establishing correspondent relations between credit institutions of Pakistan and Russia, as well as to consider the issue of organising settlements in national currencies in order to service foreign economic activities between residents of the two countries.

The two sides expressed mutual interest in connecting Pakistani banks to the financial messaging system of the Bank of Russia for the smooth exchange of financial information.

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