Code: 710883 A

The governor of the Iran's Central Bank (CBI) and the Indian Ambassador to Iran, in an assessment of the latest state of banking and trade relations between the two countries, announced the preparation of a financial mechanism between the two countries.

The Indian ambassador to the Islamic Republic of Iran, Surat Kumar, met with Governor of the Central Bank of Iran Abdul Nasser Hemmati, on Monday evening.

The latest state of banking and business relations between the two countries was assessed during the meeting, Trend reports citing IRNA.

Kumar said the financial mechanism between the two countries is being prepared and the parties will carry out their business and banking activities on the basis of the Indian government's exemption from the US sanctions against Iran.

The meeting also focused on facilitating banking and the operations of the construction of Chabahar Port which is being carried out out by Indian investment.

The US has excluded the development of the Chabahar Port in Iran from the “maximum-pressure” sanctions against Tehran.

The exemption for Chabahar is linked to the port’s importance for both India and Afghanistan, and likewise the importance of India and Afghanistan to US foreign policy aims. The port project is simply too critical for India and can benefit Afghanistan immensely.

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