Poland concerned over SBP’s restrictions to control foreign reserves

Poland has expressed serious concerns over restrictions imposed by the State Bank of Pakistan and implemented through all commercial banks’ trade sections to control foreign currency reserves.

Poland’s Ambassador to Pakistan expressed his concerns towards issues facing some polish companies after a change implemented by the State Bank of Pakistan through all commercial banks’ trade sections to control foreign currency reserves.

Pakistan wishes to remain constructively engaged with the EU and its member states to enhance commercial relations in terms of protection and promotion of the social, economic, and other rights of the Pakistani people, Federal Minister for Commerce, Syed Naveed Qamar said.

The Federal Minister expressed these views in a meeting held with Poland’s Ambassador to Pakistan, H.E. Maciej Pisarski, here in the minister’s chamber in the Parliament House.

Federal Secretary Mr. Muhamad Sualeh Ahmed Faruqui, Additional Secretary Mr. Syed Hamid Ali, and Joint Secretary Mr. Atif Aziz also attended the meeting.

During the meeting, Syed Naveed Qamar said that Pakistan seeks to strengthen its international relations, as it refocuses towards economic development through trade and connectivity Bolstering relations with friends and partners remains Pakistan’s topmost priority.

He said that Pakistan and Poland continue to share positive relations in respect of bilateral trade, cooperation in education, and parliamentary linkages, among others.

Qamar said, Poland produces 80% of its energy through coal and can, therefore, provide assistance to Pakistan in this field since the country has huge reserves of coal, adding in March 2023, Pakistan would make its production double, keeping in view its importance in future in the field of energy.

Ambassador, Maciej Pisarski, conveyed his pleasure towards growing the trade volume between the two countries as Poland had become Pakistan’s 7th largest trading partner in the EU and it’s in FY- 2021-22 total bilateral trade reached around USD 506.6 million.

He said that both countries have great potential in the field of energy, digital technology, vehicles, machinery, engineering goods, IT, pharma, agriculture and tourism, which need to be enhanced to touch their actual potential.

To this, the minister assured his full support in this regard and said all concerns of the polish companies would be addressed immediately after meeting with the stakeholders.

Earlier, the Ambassador expressed his sympathies on the current situation of Pakistan due to the flood and expressed his deep grief on the loss.

He also assured full support from the Poland government and no- government in this hour of trial.