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The National Bank of Angola (NBA) has carried out a euro currency sale using funds earmarked just a month ago for import letters of credit (L/Cs).
The African Export Import Bank (Afreximbank) has disbursed over a third of the US$25 billion facility that provides letters of credit (L/Cs) to facilitate intra-African trade, the bank's president and chairman has said.
India's Central Bureau of Intelligence (CBI) has charged three Mumbai-based firms for cheating State Bank of India (SBI) using letters of credit (L/Cs).
Canada's Innergex Renewable Energy is using a letter of credit (L/C) in the financing package it has arranged for its 250 megawatt photovoltaic solar project that, when completed, will be the largest of its kind in the US state of Texas.
National Institution for Transforming India (Niti) is proposing a new policy that would relax the stringent collateral conditions for loans and letters of credit (L/Cs) to jewellers to buy gold.
Letter of credit (L/C) business is booming for private banks in Bangladesh according to a senior banker.
The US treasury department's Office of Foreign Assets Control (OFAC) has issued a notice of amendments to US institutions using letters of credit (L/Cs) in transactions with Iran.
Ecobank Zimbabwe has written over US$150 million worth of letter of credit (L/C) business in the Zimbabwean market in the last eight months according to the bank's chairman.
A whistleblower has accused India's ICICI Bank of issuing hundreds of letters of credit (L/Cs) to entities related to its troubled corporate borrowers to help them avoid defaulting on their loans according to local media reports.
Zambian President Edgar Lungu has ordered several austerity measures, including a ban on the issuance of letters of credit (L/Cs) to some state-owned enterprises, in an attempt to address Zambia's sharply deteriorating debt crisis.
Letters of credit (L/Cs) look likely to become the preferred financial instrument for imports into Angola according to the head of the country's central bank.
The government of Bangladesh has proposed extending the coverage of advance income tax (AIT) on domestic letters of credit (L/Cs) or any financing agreement for purchasing goods
China CITIC Bank International (CNCBI) says that during its 2017 financial year it facilitated blockchain-based domestic letter of credit (L/C) transactions worth a total of US$156 million.
A UK based business chamber has certified an export consignment from an engineering company using blockchain.
India's Central Bureau of Investigation (CBI) has asked Interpol to issue a Red Corner Notice against absconded celebrity jeweller, Nirav Modi, who Indian investigators want to question in relation to the US$2 billion banking scam involving Punjab National Bank (PNB).
Data on letters of credit (L/Cs) indicate that imports into Bangladesh surged 15 per cent to about US$43 billion in the 10 months to end-April 2018.
Kenya's culture of late payments is preventing businesses - especially small- and medium-sized enterprises (SMEs) - from investing in growth and contributing to economic recovery according to a director of Sphere Business Africa.
The African Export-Import Bank (Afreximbank) is to support trade finance facilities for Angola to import essential items on letter of credit (L/C) terms. The facilities are part of up to US$2 billion in financing support to Angola.
Letters of credit (L/Cs) for Iranian crude for European deliveries are becoming harder to secure, oil traders have told energy information provider Platts.
Central Bank of Libya (CBL) governor Al-Siddiq Al-Kabeer has ordered a financial committee tasked with tracking money laundering to investigate allegations made by the Audit Bureau accusing firms of using letters of credit (L/Cs) in foreign currency smuggling operations.
The Central Bank of Nigeria (CBN) is set to release the framework for the currency swap deal it agreed recently with China to formally launch transactions in each country's currency.
Senior officials at India's Punjab National Bank (PNB) misled the central bank in late 2016 over the bank's handling of the SWIFT financial messaging system in respect of letters of credit (L/Cs) and letters of undertaking (LoUs) employed in India's largest ever fraud.
Bank of India (BOI) says it has recovered the equivalent of US$1.35 billion from standby letters of credit (L/Cs) issued by other banks.
Bank of Shanghai and China Construction Bank have signed an agreement to launch China's first blockchain-based letter of credit (L/C).
Police have accused senior officials at Punjab National Bank (PNB) of misleading India's central bank in late 2016 over the lender's handling of the SWIFT financial messaging system in respect of letters of credit (L/Cs) and letters of undertaking (LoUs) employed in the country's largest ever fraud.
India's second-biggest software services company says its recently launched blockchain-based trade finance network would avoid the recent spate of letter of credit (L/C) and letter of undertaking frauds.
The Nigerian affiliate of a pan-African oil trader has filed a US$18.6 million lawsuit against Union Bank of Nigeria (UBN).
A unit of Thailand's majority state-owned oil and gas company, PTT, claims to have become the first Asean firm to use artificial intelligence (AI) in letter of credit (L/C) processing.
HSBC and ING have executed their first commercial letter of credit (L/C) transaction based on blockchain or distributed ledger technology.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of Jeddah-based Islamic Development Bank Group, has said it will support letter of credit (L/C) transactions in which Bahrain Middle East Bank (BMEB) participates.
The English Court of Appeal has upheld the enforcement of a China International Economic and Trade Arbitration Commission (CIETAC) award in favour China-based steel supplier Sinocore and dismissed an appeal from an earlier UK Commercial Court decision in favour of a UK-based buyer, RBRG Trading.
More letters of credit (L/Cs) in national currencies are in prospect with the signing of an initial agreement for a free trade zone between Iran and the Eurasian Economic Union (EAEU).
Nepalese traders will soon have to start using letters of credit (L/Cs) when buying from or selling to traders in China and India.
Turkey and Iran have issued the first letter of credit (L/C) using their own currencies.
India's state-owned Punjab National Bank (PNB) has issued a statement saying it will honour all foreign letters of credit (L/Cs) as well as inter-bank letters of undertaking (LoUs) issued by it that mature on or before 31 March 2018.
The Commonwealth of Nations has launched a new trade finance facility that will provide support for letters of credit (L/Cs) in 31 smaller countries.
Privatising state-owned banks will not restore confidence in letters of credit (L/Cs) issued by India's banks according to a professor at the National Institute of Public Finance and Policy.
India's Central Bureau of Investigation (CBI) and the Gujarat Anti Terrorist Squad have arrested three promoters of Vadodara-based Diamond Power Infrastructure (DPI) in connection with a US$400 million bank fraud.
Three men in the US state of New Jersey are facing fresh charges relating to alleged letter of credit (L/C) frauds.
Iran's government is sparing no efforts to contain a currency crisis after the rial hit an all-time low.