Crop bartering replaces money in Iranian trade
Pakistan will give basmati rice or wheat to Iran against the Pakistani electricity bill of more than $100 million for imported electricity.
Because of United Nations sanctions, it is not possible for Pakistan to pay dollars to Iran. Tehran has shown keen interest to import basmati rice from Pakistan in return for exported electricity, according to Trend online news.
Reliable reports by media noted that Pakistan’s Finance Secretary Waqar Masood was in negotiations with Iran’s National Transmission Dispatch Company (NTDC). Commodity exchange seemed like the logical way for Pakistan to obtain needed additional electricity distribution.
It has been noted that rice or wheat are commodities that do not fall under illegally traded items, and the bartering of food commodities would be OK under jurisdiction of United Nation sactions against Iran.
It has been suggested that Iran recently lifted a ban on mango imports from Pakistan and the gesture had set the tone for enhanced barter trade, wrote the Trend reporter. While staying within sanction rules, Pakistant and Iran sources indicate they are likely to expand barter trade between the two countries.
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