On Monday, Finance Minister Ishaq Dar gave credit to Chinese financial sector for assisting Pakistan. During the opening ceremony of the Bank of China‘s second branch in Islamabad, Dar remarked that these banks have been wonderful financial partners of Pakistan, providing the country with significant support in times of crisis.
That the country is “fairly out of that turbulent phase” and “now moving from stability to growth again,” he emphasized.
Agreements with Chinese banks helped alot
Dar added that the RMB 30 billion currency swap agreement with China had helped Pakistan’s recovery. He recalled recently asking China to increase the soft facility’s cap to RMB 40 billion, and Beijing agreeing to do so.
Dar has voiced his anticipation for the eventual globalization of the RMB (China’s official currency).
The BRICS countries have already begun formalizing the group, and many more are considering joining. He then stated, “I think RMB will eventually become a widely used alternative currency in international finance.”
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