ISLAMABAD: Pakistan will allow the Chinese yuan to be used for imports, exports and financing transactions for bilateral trade and investment activities, in a move economists said Wednesday would simplify a massive Chinese investment project.
Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan said in a statement issued Tuesday.
“As per current foreign exchange regulations, Chinese Yuan (CNY) is an approved foreign currency for denominating foreign currency transactions in Pakistan,” it said.
“In terms of regulations in Pakistan, CNY is at par with other international currencies such as USD, Euro and JPY,” it added.
The bank said that in light of a massive Chinese infrastructure project in Pakistan, the move would “yield long-term benefits for both the countries.”
The China-Pakistan Economic Corridor (CPEC), a $54 billion (SR202.50 billion) project launched in 2013 linking western China to the Indian Ocean via Pakistan, has been hailed as a “game changer” by Pakistani officials.
They hope the power stations and transmission lines built as part of the project will help ease Pakistan’s chronic power crisis.
Economic analyst and former government adviser on finance Salman Shah welcomed the State Bank’s move, saying that avoiding dollar transactions in the implementation of CPEC would “simplify matters very considerably.”
The Chinese economy is now one of the biggest in the world, he said, justifying the use of the Chinese currency of choice.
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Pakistan allows use of Chinese yuan for trade and investment
Pakistan allows use of Chinese yuan for trade and investment
Venezuelan lawmaker says 379 political prisoners granted amnesty
- Venezuela’s National Assembly unanimously adopted the law on Thursday, providing hope that hundreds of political prisoners behind bars may soon be released
CARACAS: Venezuelan authorities granted amnesty to 379 political prisoners, a lawmaker overseeing the process said on Friday, after a new mass amnesty law was enacted following the ouster of former leader Nicolas Maduro.
Venezuela’s National Assembly unanimously adopted the law on Thursday, providing hope that hundreds of political prisoners behind bars may soon be released.
National Assembly deputy Jorge Arreaza said in a televised interview on Friday that a total of 379 people “must be released, granted amnesty, between tonight and tomorrow morning.”
“Requests have been submitted by the Public Prosecutor’s Office to the competent courts to grant amnesty measures,” he said.
Many relatives of prisoners across Venezuela have waited outside jails for weeks for the potential release of their loved ones.
Hundreds have already been granted conditional release by Interim President Delcy Rodriguez’s government since the deadly US raid that seized Maduro.
The NGO Foro Penal had said before the announcement that some 650 were detained, a toll that has not been updated since.
Foro Penal director Alfredo Romero said Friday that receiving “amnesty is not automatic,” but would require a process in the courts, viewed by many as an arm of Maduro’s repression.
Hundreds, perhaps thousands, of Venezuelans have been jailed in recent years over plots, real or imagined, to overthrow Maduro’s government.
Rodriguez was formerly Maduro’s vice president and took his place as the South American country’s leader with the consent of US President Donald Trump, provided that she toe Washington’s line.
The United States has taken over control of Venezuela’s oil sales, with Trump vowing a share for Washington in the profits.
Venezuela’s National Assembly unanimously adopted the law on Thursday, providing hope that hundreds of political prisoners behind bars may soon be released.
National Assembly deputy Jorge Arreaza said in a televised interview on Friday that a total of 379 people “must be released, granted amnesty, between tonight and tomorrow morning.”
“Requests have been submitted by the Public Prosecutor’s Office to the competent courts to grant amnesty measures,” he said.
Many relatives of prisoners across Venezuela have waited outside jails for weeks for the potential release of their loved ones.
Hundreds have already been granted conditional release by Interim President Delcy Rodriguez’s government since the deadly US raid that seized Maduro.
The NGO Foro Penal had said before the announcement that some 650 were detained, a toll that has not been updated since.
Foro Penal director Alfredo Romero said Friday that receiving “amnesty is not automatic,” but would require a process in the courts, viewed by many as an arm of Maduro’s repression.
Hundreds, perhaps thousands, of Venezuelans have been jailed in recent years over plots, real or imagined, to overthrow Maduro’s government.
Rodriguez was formerly Maduro’s vice president and took his place as the South American country’s leader with the consent of US President Donald Trump, provided that she toe Washington’s line.
The United States has taken over control of Venezuela’s oil sales, with Trump vowing a share for Washington in the profits.
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