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News number: 8804271188

16:40 | 2009-07-18

Economy

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Iran to Launch Rial-Based LCs in Afghanistan

TEHRAN (FNA)- Head of Iran's Chamber of Commerce, Industries and Mines Mohammad Nahavandian announced on Saturday that the country has started opening Rial-based Letters of Credit (LCs) in Afghanistan in a bid to facilitate trade for Iranian businessmen.



"Based on the negotiations held with the Afghan commerce minister, it was decided that the obstacles in the way of Iranian investors' activity, specially for the transfer of credits and Bank exchanges, be removed through opening LCs in Rials and establishing a direct link (line of credit)," Nahavandian added.

He also referred to the low volume of trade exchanges between the two countries, and complained that Iran enjoys a small share in Afghanistan's imports, mentioning that only $600 million of Afghanistan's $6 billion annual imports come from Iran.

Iran is capable of supplying a great volume of necessary goods to Afghanistan, Nahavandian reminded.

Iran's non-oil exports to Afghanistan totaled 590 million dollars in 2008 as it imported $10 million worth of goods from Afghanistan in the same period.

Also, Iran sent 25 million liters of fuel to Afghanistan to run two power generators recently bought and installed in Kabul with Iranian aid.