{"id":17146,"date":"2023-06-02T07:06:21","date_gmt":"2023-06-02T11:06:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/pakistan-outlines-process-for-barter-trade-with-afghanistan-iran-russia\/"},"modified":"2023-06-02T07:06:22","modified_gmt":"2023-06-02T11:06:22","slug":"pakistan-outlines-process-for-barter-trade-with-afghanistan-iran-russia","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17146","title":{"rendered":"Pakistan outlines process for barter trade with Afghanistan, Iran, Russia"},"content":{"rendered":"
\n

By Ariba Shahid and Asif Shahzad<\/p>\n

KARACHI, Pakistan (Reuters) – Pakistan has passed a special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and gas, the Ministry of Commerce said on Friday.<\/p>\n

Left with barely enough foreign exchange reserves to cover one month’s imports, Pakistan’s government is desperately trying to manage a balance of payments crisis and bring inflation under control after it hit a record of nearly 38% last month.<\/p>\n

The government order, called the Business-to-business (B2B) Barter Trade Mechanism 2023 and dated June 1, lists goods that can be bartered. State and privately owned entities would need approval to participate in the trade mechanism.<\/p>\n

After Pakistan’s first purchase of discounted Russian oil in April, petroleum minister Musadik Malik told Reuters that Pakistan would only be buying crude, not refined products under the deal.<\/p>\n

There was no confirmation about how the payment would be made. But, Malik said purchases could rise to 100,000 barrels per day (bpd) if the first transaction went smoothly.<\/p>\n

Last year, Pakistan imported 154,000 bpd of from Russia, little changed from 2021, data from analytics firm Kpler showed.<\/p>\n

In May, Pakistan Petroleum Dealers Association complained that up to 35% of the diesel sold in Pakistan had been smuggled from Iran.<\/p>\n

Pakistan’s government has also ordered a clamp down on smuggling of flour, wheat, sugar, and fertilizer to Afghanistan. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Ariba Shahid and Asif Shahzad KARACHI, Pakistan (Reuters) – Pakistan has passed a special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and gas, the Ministry of Commerce said on Friday. 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