Central Banking

State Bank of Pakistan decides to implement IBAN

state-bank-of-pakistan-banknote

The State Bank of Pakistan announced on May 15 its decision to implement the International Bank Account Number (IBAN) standard in the country, "with a view to bringing about account code standardisation and efficiency in processing of payments for domestic as well as cross border transactions".

The central bank released IBAN guidelines containing details for IBAN generation, validation and implementation timelines. "These guidelines have been developed in consultation with [the] Pakistan Banks'

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