Islamabad, Feb 26, IRNA � Pakistan Central Bank (State Bank of Pakistan) has allowed all banks and financial institutions of the country to restore normal banking channels and financial relations with Iran.

According to a statement issued recently by State Bank of Pakistan (SBP), all banks and financial institutions of the country are allowed from now on to resume banking channels with Iran.

Based on the statement, previous sanctions on Iran have been removed and normal business activities can be started with Iran.

�In line with the federal government�s decision to implement the UNSC Resolution dated July 20, 2015 regarding lifting of sanctions against Iran, the State Bank of Pakistan has communicated to banks that previous sanctions on Iran have been removed and normal business activities can be commenced within the scope of the Resolution,� said the SBP.

�Banks and Financial Institutions have been advised to remain mindful about the activities and persons who continue to remain on the UNSC list, as well as the currencies or financial systems which are subject to certain restrictions,� said the SBP.

�It is expected that the lifting of sanctions and restoration of banking channels between Pakistan and Iran would revive normal trade and business activities between the two neighbours,� said the SBP.

By IRNA