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Iran's financial transactions with S Asia up

Business Materials 17 January 2011 12:57
Financial transactions between Iran and eight South Asian countries grew by 49% and reached nearly $13.2 billion in 2010, Fars news agency reported.

Azerbaijan, Baku, Jan. 17/ Trend, A.Yusifzade /

Financial transactions between Iran and eight South Asian countries grew by 49% and reached nearly $13.2 billion in 2010, Fars news agency reported.

India is Iran's biggest trading partner in business done through the Asian Clearing Union, originally set up by the United Nations in 1974 to help facilitate trade in South Asia and headquartered in Tehran.

Statistics provided by the Clearing Union's website show that Iran's trade through the clearinghouse rose to $12.2 billion in the first 11 months of 2010, from $7.8 billion in the same period in 2009. Of the more than $900 million owed Tehran through the monetary body during November, nearly $800 million comes from India, according to the ACU's website.

India imports $11 billion of crude oil annually from Iran-about 14% of its total crude import bill, according to government statistics. Iran is India's largest crude oil supplier after Saudi Arabia.

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