Sri Lanka to send $5M worth of tea to Iran every month to clear debt

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December 22, 2021
Market Talk
December 23, 2021

Sri Lanka to send $5M worth of tea to Iran every month to clear debt

Sri Lanka has reached a deal with Iran to pay off its $251M oil debt by sending millions of dollars worth of tea every month. The agreement comes as Sri Lanka’s economy deteriorates and its foreign reserves dwindle. Peter Cardillo, chief market economist at Sparten Capital Securities, has more on this unusual arrangement.