Pakistani politicians, analysts appreciate Saudi Crown Prince’s stance on regional peace

An undated file photo of Saudi Crown Prince Mohammed bin Salman in which he can be seen attending a gathering. (AP)
Updated 19 June 2019
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Pakistani politicians, analysts appreciate Saudi Crown Prince’s stance on regional peace

  • The Crown Prince’s recent statement reflects his wisdom and restraint, says Senator Sehar Kamran
  • International community must act to defuse situation in the Middle East, maintains senior analyst Zahid Hussain

ISLAMABAD: Pakistan’s major political parties and analysts on Monday appreciated Saudi Crown Prince Mohammed bin Salman’s statement that the Kingdom did not want a war in the Middle East.
In an interview last week, the Crown Prince also called for a decisive international position against Iran.
“At this very critical moment, the demonstration of restraint by the Saudi Crown Prince is very much appreciated. This shows his wisdom and rationale,” Senator Sehar Kamran of the Pakistan Peoples Party told Arab News, adding: “I believe the entire world will applaud the statement. We must give peace a chance and support efforts for political solution to all outstanding issues.”
“The international community can play an important role in reminding Iran of the consequences [of war] and help initiate a dialogues process to prevent further escalation of tensions in the region,” she continued.
Kamran said the recent attack on a Saudi oil tanker was a serious issue and must be strongly condemned.
“Every nation has the right to protect its sovereignty and national assets,” she noted. “Iran must act as a responsible state. A transparent investigation of the attack by the United Nations and collective wisdom on the issue will be the best option.”
Echoing her sentiment, Romina Khurshid Alam of the Pakistan Muslim League-Nawaz party also welcomed the Crown Prince’s statement.

“Our party leadership has always advocated for peace in the region and supports Pakistan’s role as a mediator to resolve all outstanding issues,” she said.
Omar Sarfraz Cheema, the central information secretary of the ruling Pakistan Tehreek-e-Insaf party, told Arab News that “the PTI strongly condemns attacks on Saudi facilities by Houthis.”
He recalled that the Pakistani leadership had expressed its desire to play a mediator’s role for peace and stability in the Middle East.
Last week, Cheema told Arab News that Prime Minister Imran Khan had already urged the Houthis to engage in “meaningful dialogue” with Saudi Arabia to resolve the conflict. “This is a divisive issue for the whole Muslim world and should be resolved through negotiations,” he added.
“Peace is essential for the development of countries in the Middle East,” former Pakistani ambassador Rizwan-ul-Haq told Arab News. “Any country which upsets the tranquility and peace of the region must be invited to explain its position to the Organization of Islamic Cooperation and asked to change its stance in a unanimous and decisive way.”
“We should sit together with transgressors and find a diplomatic solution before resorting to extreme measures,” he added.
Veteran Pakistani political commentator Zahid Hussain said that “the attacks on oil tankers in the Gulf and oil facilities in the Kingdom have created a serious security situation in the Middle East and there is an urgent need for the international community to act and defuse the situation.”
“The Crown Prince is right that war is not an option,” he added.


No change in instructions on purchase of foreign currency by banks, clarifies central bank

Updated 22 July 2019
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No change in instructions on purchase of foreign currency by banks, clarifies central bank

  • Some media outlets misinterpreted the updated version of Foreign Exchange Manual, causing confusion
  • Commercial banks cannot replace exchange companies, says Malik Bostan

KARACHI: Pakistan’s exchange companies would continue to play their role in the country’s economy, clarified the State Bank of Pakistan on Monday, noting that there was no change in the instruction on purchase of foreign currency notes by banks who were already allowed to deal in international currencies through authorized branches.
The confusion was caused when some local and foreign media outlets misinterpreted the updated version of the central bank’s instructions in its Foreign Exchange Manual, thinking that the country’s currency exchange companies were being drive out of business and commercial banks were going to assume their role. 
“SBP is in process of revision of Foreign Exchange (FE) Manual in phased manner. In this respect, seven chapters (1, 2, 3, 4, 5, 7 & 20) of FE Manual have been revised and circulated through FE Circular dated November 29, 2018, in the first phase. In phase II, three chapters 8, 9 & 11 have been revised through FE Circular No. 03 of 2019 dated July 16, 2019,” a statement issued by the central bank said. 
One of these revised chapters, 11, includes regulations on “Dealings in Foreign Currency Notes and Coins etc. by the Authorized Dealers (banks).”
“With respect to revised Chapter 11, it has come to our notice that there are some confusions/misinterpretations regarding Para 2 suggesting that SBP has allowed the banks to sell/purchase foreign currencies to/from public by amending the existing regulations,” the SBP said while clarifying that no such amendment had been made.
Currency dealers also said they were playing a vital role for the country’s economy "that cannot be downplayed."
“Banks were already authorized to undertake foreign exchange currency business through authorized branches, but they did not take interest in currency dealing which is evident from the fact that only a few of them established such branches,” Malik Bostan, president of the Forex Association of Pakistan, told Arab News on Monday.
Bostan added that “we are operating on meager profit that commercial banks can’t afford to make.”