India, Iran cbank officials to meet on payments issue

NEW DELHI, Dec 29 (BestGrowthStock) – Iran’s central bank has asked
for a meeting with its Indian counterpart over payments issues
for crude imports from the Islamic Republic, a Reserve Bank of
India spokesperson said on Wednesday.

“The central bank of Iran has sought a meeting with the
RBI,” the spokesperson said. “”No date has been fixed yet.”

An oil industry source said the meeting may take place on
Friday in the financial capital of Mumbai.

The RBI has said deals with Iran must be settled outside
the Asian Clearing Union (ACU) system
[ID:nLDE6BN0K6][ID:nSGE6BQ07V], used by central banks of member
nations to settle net bilateral trades, cutting use of forex
reserves and transfer costs.

Sources earlier told Reuters that NIOC has refused to sell
oil to Indian outside ACU mechanism. [ID:nSGE6BS07R]

(Reporting by Nidhi Verma and Rajesh Kumar Singh, editing
by Jo Winterbottom)

India, Iran cbank officials to meet on payments issue