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India hopes to open Iran's Chabahar port by 2019

The Indian-backed Chabahar port complex in Iran is being developed as part of a new transportation corridor for land-locked Afghanistan that could potentially open the way for millions of dollars in trade and cut its dependence on Pakistan, its sometimes-hostile neighbour.

June 22, 2018 / 02:35 PM IST
Iran's currency, the rial, has been plunging to new lows over a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear the effects of sanctions imposed by the United States. The currency is placed at 60,000 rials to the dollar, which was a loss of one-third of its value in 2018 alone. While citizens are not exactly shoveling out bricks after bricks of cash for a loaf of bread, they have to think twice before spending their money as their goods are beginning to see a sharp increase in prices. (Image: Reuters)

Iran's currency, the rial, has been plunging to new lows over a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear the effects of sanctions imposed by the United States. The currency is placed at 60,000 rials to the dollar, which was a loss of one-third of its value in 2018 alone. While citizens are not exactly shoveling out bricks after bricks of cash for a loaf of bread, they have to think twice before spending their money as their goods are beginning to see a sharp increase in prices. (Image: Reuters)

India is trying to make Chabahar Port in Iran operational by 2019, the government said in a statement on Friday, despite a threat of renewed US sanctions against Tehran.

The Indian-backed Chabahar port complex in Iran is being developed as part of a new transportation corridor for land-locked Afghanistan that could potentially open the way for millions of dollars in trade and cut its dependence on Pakistan, its sometimes-hostile neighbour.

The port would offer easy accessibility to CIS countries, Transport and Shipping Minister Nitin Gadkari said in the statement.

US President Donald Trump's decision to withdraw from a 2015 nuclear deal and penalize financial institutions for doing business with Tehran is clouding Chabahar's viability.
PTI
first published: Jun 22, 2018 02:30 pm
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