The Hindu Business Line : SBI assurance on Iraq transactions

The State Bank of India has assured exporters that dollar transactions with Iranian buyers can be settled through its six correspondent banks in Iran. Following the US ban on large Iranian banks, SBI had not been accepting letters of credit from Iranian importers for the past couple of months.

In a press release issued onSaturday SBI said "consequent upon US OFAC (United States Office of Foreign Assets Control) sanctions imposed on four large Iranian Banks, Indian trade with Iran is facing some difficulty. However, SBI has correspondent relations with six other Iranian banks, through whom dollar-denominated Iranian transactions can take place." SBI also said the RBI was addressing individual problems faced by the exporters and Indian banks to ensure that there was no disruption in the export trade with Iran. - Our Bureau

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