Trump to host PM Khan at White House on July 22

This will be the first summit-level engagement between Pakistan and the United States since both leaders assumed their respective offices. (REUTERS/File)
Updated 22 July 2019
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Trump to host PM Khan at White House on July 22

  • Creating conditions for a peaceful South Asia and an enduring partnership on the agenda
  • Will mark first summit-level interaction between Pakistan and the US since the two leaders assumed office

ISLAMABAD: Pakistan’s Prime Minister Imran Khan will embark on his official three-day visit to Washington on July 21, confirmed the Foreign Office (FO) in a statement Wednesday.
This will be the first summit-level engagement between Pakistan and the United States since both leaders assumed their respective offices, the statement added.
“Prime Minister Khan and President Trump would have wide-ranging interaction at the White House on 22 July 2019 covering bilateral and regional matters,” according to the handout.
Meanwhile, Washington also confirmed the summit with a welcome note. “President Donald Trump will welcome Prime Minister Imran Khan of the Islamic Republic of Pakistan to the White House on July 22, 2019,” a statement issued by the White House press secretary on Wednesday said.
“President Trump and Prime Minister Khan will discuss a range of issues, including counterterrorism, defense, energy, and trade, with the goal of creating the conditions for a peaceful South Asia and an enduring partnership between our two countries,” the White House added.
During his visit, Khan will meet prominent members of the US Congress, corporate leaders and opinion makers as well as members of the Pakistani diaspora. His various engagements in Washington will underscore the “importance Pakistan attaches to a broader and multi-faceted relationship with the United States,” said the FO.
In regional context, Khan will “underscore Pakistan’s commitment to peace and stability and the importance of constructive engagement to promote a political solution in Afghanistan.”
“He will also highlight Pakistan’s policy of ‘peaceful neighborhood’ aimed at resolving disputes through dialogue and promoting the vision of peace, progress and prosperity in South Asia and beyond,” the statement read.
Pakistan hopes that Khan’s visit will help renew and reinvigorate long-standing ties between the two countries. “It will contribute toward building a broad-based, long-term and enduring partnership between the two countries on the basis of mutual interest and mutual benefit,” the FO statement concluded.


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

Updated 49 min 27 sec ago
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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.”