The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Pakistan has embarked on an ambitious multi-year plan to transform its financial system into a Shariah-compliant framework by 2028. Two trade finance specialists explain what this entails and the inherent challenges and opportunities it presents.
In advance of Ramadan 2023, the Pakistan government listed tea as an essential commodity in order to meet high domestic demand for tea, and the government ordered State Bank of Pakistan to issue mandatory instructions for banks to open letters of credit for tea, declaring tea a ‘primary import’.
State Bank of Pakistan (SBP), Pakistan’s central bank, initiated a curb on imports in order to control foreign currency outflow due to Pakistan’s depleting foreign currency reserve situation.
Following its review under the Extended Fund Facility (EFF) for Pakistan, the International Monetary Fund (IMF) announced on 29 August an immediate disbursement of USD 1.1b in financial assistance to Pakistan.
