A letter of credit, popularly known as an LC, is a written document issued by the importer’s bank. The exporter promised by its issuance that the
The term “standby letter of credit,” also known as “SBLC,” refers to a legal document in which a bank guarantees the payment of a certain amount
Assume Mr. X (Dubai exporter) and Mr. Y (an African importer) have a contract for shipping a cargo of goods. Obviously, they don’t know one another
The value of all the products and services a country exports minus the value of all the goods and services it imports is the balance of
