President for early finalization of Pak-China currency swap agreement

President Asif Ali Zardari Thursday emphasized upon the early finalization of currency swap agreement between Pakistan and China saying that such arrangements should also be concluded with Turkey and Sri Lanka to promote and facilitate bilateral trade with these countries. The President expressed these views while chairing a meeting on the proposed currency swap arrangements, here at the Aiwan-e-Sadr on Thursday.
The meeting was attended among others by Minister for Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Sheikh, Minister of State for Foreign Affairs Ms. Hina Rabbani Khar, Governor State Bank of Pakistan Shahid Kardar, Chairman Board of Investment (BOI) Saleem H. Mandviwala, Chairman All Pakistan Textile Mills Association (APTMA) Gohar Ejaz, Chairman Pakistan Business Council Asad Omar, senior government officials and Spokesperson to the President Farhatullah Babar.
Briefing media Spokesperson to the President Farhatullah Babar said that the Governor State Bank gave a detailed briefing on the progress made so far regarding currency swap arrangements between the People’s Bank of China and the State Bank of Pakistan.
He said that the proposed arrangement was being examined from a legal perspective.
Talking about similar arrangements with Turkey and Sri Lanka, he said that Turkish authorities have responded positively towards considering such arrangement with Pakistan.
He said that a high level delegation from Pakistan recently visited Sri Lanka and held meetings with the Governor State Bank of Sri Lanka and Secretary Finance and held discussions on broadening economic cooperation between the two countries.
It may be recalled that during the visit of President Zardari to Sri Lanka in November last, he had offered assistance to Sri Lanka in cement, sugar and dairy industry and had urged the business community to take advantage of liberal trade policies of the country, through joint ventures and investment.
The President then addressing a business forum, comprising leading business personalities and corporate leaders, had emphasized upon the need to explore new and unconventional phase of economic cooperation marked by more trade, currency exchange and banking interchanges.
The President had also proposed currency swap arrangement between Pakistan and Sri Lanka to reduce pressure on foreign exchange reserves of the two countries, Farhatullah Babar said.
Similarly the Turkish Prime Minister during his visit to Pakistan in October 2010 had welcomed currency swap arrangements with Pakistan, he continued.
During today’s meeting, the President recalled his meetings with the leaderships of China, Turkey and Sri Lanka and their interest for entering into such arrangement with Pakistan.
Later, Minister for Finance, Revenue and Economic Affairs Dr.  Abdul Hafeez Sheikh briefed the meeting about his recent meetings with the IMF officials.

Associated Press Of Pakistan ( Pakistan’s Premier NEWS Agency ) – President for early finalization of Pak-China currency swap agreement.

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