Iran's rupee reserves run out - Iran-India Chamber of Commerce

Business Materials 19 May 2021 11:50 (UTC +04:00)
Iran's rupee reserves run out - Iran-India Chamber of Commerce

TEHRAN, Iran, May. 19


The Deputy Chairman of the Iran-India Joint Chamber of Commerce said due to the escalation of sanctions in the past year, India stopped buying oil from Iran and the Iranian oil rupees which was exchanged with the Indian goods ran out.

Referring to the announcement of the Indian Ministry of Finance about the 58 percent decrease in the country's exports to Iran within the last three months, Parham Rezaie said that this issue has two main reasons, first the outbreak of the Indian Covid-19 and its impact on the economy, Trend reports citing ILNA.

"Another reason is financial transactions between Iran and India,” he said. “We do not have oil export rupees in India anymore so that the trade level of the two countries has decreased.”

Referring to the banking exchanges between the two countries, he says that two Indian banks of UCO Bank and IDBI Bank work with Iran.

“We can meet our needs through these two banks,” he added.

He also commented on the Vienna talks.

"If the Vienna talks will be successful, it will certainly have an impact in the long run, but so far it has not had any impact,” Rezaie stressed.