Uzbekistan is exploring the possibility of expanding its banking presence in Pakistan by opening representative offices, a move that could pave the way for enhanced financial cooperation between the two nations. This was discussed during a meeting between Uzbekistan’s Ambassador to Pakistan, Alisher Tukhtaev, and Jameel Ahmad, Chairman of the State Bank of Pakistan, as reported by Dunyo news agency.
Pathway for Uzbek Banks in Pakistan
During the meeting, Chairman Jameel Ahmad emphasized the openness of Pakistan’s financial system to foreign banks, highlighting that interbank transactions with international institutions are conducted without restrictions. He encouraged Uzbek banks interested in operating in Pakistan to begin by establishing representative offices. Over time, these offices could evolve into full-fledged branches, allowing Uzbek banks to actively participate in the Pakistani financial sector.
Potential for Growth in Banking Cooperation
While correspondent banking relationships between some Uzbek and Pakistani commercial banks already exist, they have yet to gain widespread adoption among entrepreneurs. This limited utilization underscores the need for more accessible and direct financial services. Opening representative offices could help bridge this gap, making it easier for businesses in both countries to access modern banking solutions.
Invitation for Uzbek Banking Delegation
To further explore this opportunity, Jameel Ahmad invited a delegation of Uzbek banking representatives to visit Pakistan. The visit would provide Uzbek bankers with a chance to better understand the Pakistani financial landscape and assess the potential for growth in interbank services.
Boosting Trade Through Banking Integration
The establishment of Uzbek bank representative offices in Pakistan could significantly improve interbank settlements, making cross-border trade more efficient. These offices would not only strengthen financial ties but also support growing economic cooperation between Uzbekistan and Pakistan, providing entrepreneurs with the necessary tools to expand their business activities.
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