Iran-India commercial transactions ongoing

Business Materials 11 December 2020 09:26 (UTC +04:00)
Iran-India commercial transactions ongoing

TEHRAN, Iran, Dec.11


Iran and India's commercial transaction is ongoing yet it has been affected by COVID-19 and money transaction issues, head of Iran- India Chamber of Commerce Parham Rezaie Nayeb told Trend in an interview.

"The situation with transactions is almost normal, except for the Rupee remittances. The trade balance has declined and there has been a problem in supplying Rupees from the Central Bank of Iran," he said.

"There are no precise statistics from customs (about the trade), but the commercial transaction has certainly declined due to sanctions and partly because of the coronavirus spread, which triggered the decline in travelling of commercial delegations," he said.

"The issue of transportation of Iranian goods inside India has been resolved and India's domestic economy has better conditions. Inner city transportation is ongoing, however maritime shipment has suffered due to decline of supply and demand," said the official.

Rezaie Nayeb pointed out that Iran doesn't have any blocked assets in India.

"Iran had some monetary resources from oil sales in India, but India has not purchased oil from Iran for a long time. Previously we used our resources in India to import necessary goods, but the precise amount of Iran's money in India has never been announced," he said.

"India's UCO Bank is working with Iran but its process is very slow and part of financial transaction is done by FOREX exchange offices," he said.