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Angola plans eight foreign exchange auctions to improve import L/C availability

The National Bank of Angola (BNA) is conducting eight foreign exchange auctions in September to make euros available for letter of credit (L/C) transactions.

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Indonesia to insist on L/Cs for fuel imports as government seeks to support the rupiah

Indonesia wants the country's power generators and refineries to pay for imports on letter of credit (L/C) terms as part of the government's efforts to reduce imports and support the flagging rupiah.

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Turkey bids to convert defence L/Cs from US dollars to lira

Turkey is looking to renegotiate its defence contracts so that letter of credit (L/C) and other future obligations are denominated in Turkish lira rather than US dollars.

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L/C abuses a key factor in India's significant increase in bank frauds

The Reserve Bank of India (RBI) has reported a quantum leap in bank frauds in the 2017-18 financial year.

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US banks non-committal over Washington's new sanctions on Iran

Two of the largest US financial institutions are reportedly not committing to cutting Iranian access to international letter of credit (L/C) markets by banishing Iran from the SWIFT messaging network.

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Redwood Markets and EH Energy to deliver L/C alternative to the LNG industry

Redwood Markets and One Source Risk Management have chosen EH Energy, a division of Euler Hermes North America Insurance, to lead a syndicate of underwriters to handle trade credit insurance for the liquefied natural gas (LNG) market through its online trading platform, the Redwood Marketplace.

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Blockchain solution may offer L/C alternative in UAE

Standard Chartered has announced that it is working with Siemens Financial Services on blockchain-based bank guarantees that could provide an alternative for letters of credit (L/Cs) for traders in the UAE.

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Weak demand for Saudi L/Cs as tax reforms bite

Plummeting values of letter of credit (L/C) openings are pointing to a substantial weakening of Saudi Arabia's economy.

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L/C-based infrastructure financing product now available outside the US

Specialist Australian finance house Crossway Capital says it has developed a letter of credit (L/C) based structured finance product for major infrastructure projects that has hitherto only been available in the US.

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Sri Lanka uses L/Cs in drive to cut emissions

Sri Lanka is using letters of credit (L/Cs) to ensure that imported used vehicles meet the country's new emission standards.

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Nigeria creates special window for renminbi denominated L/Cs

The Central Bank of Nigeria (CBN) has created a special window making funds available for renminbi denominated letters of credit (L/Cs).

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Mastermind of US$2 billion L/C and LoU fraud located in Britain

The UK authorities have confirmed that celebrity Indian jeweller Nirav Modi, who allegedly used letters of credit (L/Cs) and letters of understanding (LoUs) to defraud India's Punjab National Bank (PNB) of US$2 billion, is in their country.

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Deepening US-Turkey trade war fears prompt L/C shortages, precipitate free fall in DDGS market

The deepening trade war between the US and Turkey is making it hard for Turkish importers to raise the letters of credit (L/Cs) they need to buy distillers dried grains with solubles, better known as DDGS, from US suppliers.

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US trade restrictions compromise Turkey's L/C availability, steelmakers defiantly turn to Asia

Banks are reportedly becoming increasingly reluctant to write letter of credit (L/C) business for transactions between Turkish sellers and western buyers of steel following Washington's decision to double tariffs on steel and aluminium imports from Turkey and threats from US President Donald Trump's of more punitive sanctions to come.

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PNB may close Hong Kong branch in wake of L/C and LoU fraud

India's Punjab National Bank (PNB) is likely to shut down its Kowloon branch in Hong Kong in the next few days according to local media there.

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G-NEXID members agree reciprocal L/C arrangements

The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) met recently in Geneva to discuss how member states could collaborate to close the trade finance gap.

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Currency swap deal will boost L/Cs for China-Nigeria deals

The currency swap deal between China and Nigeria is expected to boost letter of credit (L/C) transactions between the two countries according to a Nigerian business leader.

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RBI told to rescind ban on L/Cs for trade credit

A parliamentary committee has said the Reserve Bank of India (RBI) should rescind its decision to discontinue the issuance of letters of credit (L/Cs) and letters of undertaking (LoUs) for trade credit.

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L/Cs supporting Africa's Trade and Development Bank's growth

Africa's Trade and Development Bank (TDB) wants to position itself as a key regional financial institution to complement the activities of other development finance institutions on the continent such as the African Development Bank and East African Development Bank according to Uganda's finance minister, Matia Kasaija.

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India's banks say no to L/Cs for tea exports to Iran

Prices of Indian tea, much of which is exported to Iran, have fallen 9.1 per cent year-on-year as India's banks increasingly turn down requests for rupee-denominated letters of credit (L/Cs) for trades with Iran, according to the Indian Tea Association (ITA). The association's chairman blames uncertainty about trade with Iran after President Donald Trump pulled the US out of a 2015 nuclear pact with Iran and ordered new US sanctions on Tehran.

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HKMA's new blockchain-based platform set to replace L/C transactions

A new blockchain-based trade finance platform to be developed by the Hong Kong Monetary Authority (HKMA) will eventually provide an alternative to letters of credit (L/Cs) for traders looking for secure open account transactions.

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Turkey says L/Cs for Iran will keep flowing

Turkey appears determined to keep writing letter of credit (L/C) business with Iran despite tougher sanctions imposed on the Islamic Republic by Washington.

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L/Cs start to flow as Ethiopia reforms

Ethiopia's radically reformist new prime minister is introducing policies that appear to be allowing letters of credit (L/Cs) to flow after years of traders being unable to obtain them due to foreign currency shortages.

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Blockchain platform for Chinese L/C auctions

A state-backed financial asset exchange in China's Chongqing city is looking to develop a blockchain solution that could be used for letter of credit (L/C) auctions.

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Libya faces L/C corruption probe

Libyan officials who have been profiting from letters of credit (L/Cs) obtained to manipulate the official and black market exchange rates could be subject to a wide-ranging corruption probe.

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China-US trade war signals bad news for L/C flows

Banks that finance trade in Asia are concerned that the tariff war between the US and China will put further pressure on revenues from their letter of credit (L/C) and wider trade finance operations.

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Angola's L/C funds used for foreign currency sale instead

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).

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Afreximbank's US$8 billion in a year for L/Cs and trade finance

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.

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Three Indian firms charged over L/C frauds against SBI

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).

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Large-scale solar project finance features L/C backing

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.

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L/Cs for Indian gold loans must be rigorously checked

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.

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Bangladeshi banker says L/C business is booming

Letter of credit (L/C) business is booming for private banks in Bangladesh according to a senior banker.

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OFAC announces wind-down date for Iranian L/C business

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.

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Ecobank Zimbabwe reports L/C successes

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.

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Whistleblower accuses ICICI Bank of ill advised L/C issuance and round-tripping

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.

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Zambia bans L/Cs and guarantees for bankrupt state-owned enterprises

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.

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Angola's central bank governor recommends L/Cs for imports

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.

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Bangladesh extends scope of tax on L/Cs, reduces tax rate

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

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China CITIC Bank reports on blockchain-based L/C transactions

China CITIC Bank 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.

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UK business chamber's certification indicates blockchain L/Cs soon

A UK based business chamber has certified an export consignment from an engineering company using blockchain.

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