Economy, Business And Markets

Indonesian LOC for Joint Ventures

Indonesian LOC for Joint VenturesIndonesian LOC for Joint Ventures

An Indonesian bank is set to open a $200-milion credit line for Iranian and Indonesian businesses and start working with 10 Iranian banks, Indonesia’s ambassador to Iran announced during a visit to Tehran Chamber of Commerce, Industries and Mines on Wednesday. Octavino Alimudin also said the Indonesian government is interested in using national currencies for facilitating mutual trade, TCCIM’s official website reported. He did not mention the name of the Indonesian bank. The volume of trade between Tehran and Jakarta is expected to increase fivefold by the end of the current fiscal year. Trade between the two Muslim-majority nations currently stands at $340 million. In February, the Central Bank of Iran had announced the establishment of a joint bank account between Iran and Indonesia aimed at fostering financial cooperation and facilitating bilateral transactions.

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