Ministry of Commerce, Ministry of Finance, and the State Bank of Pakistan (SBP) are collaborating to launch Export and Import (Exim) Bank in Pakistan next year. The bank operations will start in 2020.
The bank will allow the export and import of unconventional goods to different countries around the world. Ministry of Finance has constituted a high-level committee for the purpose which as of now is drawing a legal and regulatory model. The regulator will be the State Bank of Pakistan.
In 2018, an Asian Development Bank’s (ADB) consultant and a local consultant were taken in confidence and tasked with making suggestions for the services to be provided by the bank.
Initially, the idea to establish the bank was floated in 2015. Then in 2017, the State Bank of Pakistan conducted a survey to find out the legal frameworks under which similar banks operate around the world. These include banks in Canada, Germany, Malaysia, Turkey, Denmark, India, and the US.
The central bank’s office in Lahore has already advertised vacancies for the chief executive officer, federal bank officer, and a permanent bank president. For preparing the legal framework, ADB provided $500,000.