Daily Times

Minister for Finance and Revenue Senator Mohammad Ishar Dar on Monday while welcoming the opening of Bank of China’s second branch here said Renminbi (RMB) would soon become an internationally adopted parallel currency.

Addressing the opening ceremony of Bank of China, Ishaq Dar said that it was a historic movement as six years ago he had handed over the license for opening of the bank’s first branch to its President in Belgium. Now, it’s a big coincidence that BOC was opening its second branch, which he said was a great privilege for him to witness.

The minister congratulated BOC President and his team for extensive efforts in opening the branch and also appreciated cooperation by Pakistan authorities and finance ministry in this regard. The minister also congratulated Deputy Governor Peoples Bank of China, his team and officials of China embassy.

Ishaq Dar said that BOC, Industrial and Commercial Bank of China (ICBC), China Development Bank and Peoples Bank of China were all great financial partners of Pakistan.

He said Pakistan had been passing through a turbulence phase during the last one year and extended heartfelt appreciations to Chinese Ministry of Finance, Ministry of Foreign Affairs, Peoples Bank of China and Chinese Commercial Banks for supporting Pakistan to overcome difficulties.

He said Pakistan was out of the turbulence phase as recently one of the rating agencies had upgraded ratings for the country, which he said was now moving from stability to growth again.

He expressed the hope that Renminbi (RMB) was going to be internationalized soon adding five countries have already formalized the currency and more countries were planning to do so. He said it would become a parallel international acceptable currency and congratulated Deputy Governor BOC in advance. He said that BOC Deputy Governor shared that Pakistan was already benefiting from RMB adding that during his (Dar’s) last visit to China under the leadership of Prime Minister Mian Muhammad Shehbaz Sharif, he had proposed enhancement of facility upto RMB 40 billion.

He expressed the hope that cooperation between the two countries in terms of economic and diplomatic ties would reach to new heights. He said both the countries were helping each other on all international and domestic issues in the world forum like United Nations Security Council, UN General Assembly and all other forums.