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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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CNCBI reports on blockchain-based L/C transactions

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.

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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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Red Corner Notice issued by Indian investigators of Nirav Modi L/C and LoU fraud

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).

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L/C data indicate sharp rise in imports in Bangladesh

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.

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Kenyan government should use L/Cs to support local SMEs

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.

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Afreximbank to support L/Cs for Angolan imports

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.

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L/Cs for Iranian crude harder to come by

Letters of credit (L/Cs) for Iranian crude for European deliveries are becoming harder to secure, oil traders have told energy information provider Platts.

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Central Bank of Libya governor questions Audit Bureau's L/C related corruption allegations

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.

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Nigeria moves closer to renminbi-denominated L/Cs

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.

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PNB bankers misled India's central bank over L/Cs and LoUs in US$2 billion fraud case

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.

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Bank of India recovers US$1.35 billion from standby L/Cs

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.

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Banks agree to launch China's first blockchain L/C

Bank of Shanghai and China Construction Bank have signed an agreement to launch China's first blockchain-based letter of credit (L/C).

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PNB bankers misled India's central bank over L/Cs and LoUs in US$2 billion fraud case

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.

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India's Infosys blockchain trade finance network will cut out L/C 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.

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Oil trader files suit against Union Bank Nigeria for failing to meet L/C obligations

The Nigerian affiliate of a pan-African oil trader has filed a US$18.6 million lawsuit against Union Bank of Nigeria (UBN).

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PTTPM first Asean firm to use artificial intelligence in L/C processing

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.

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HSBC and ING execute first commercial blockchain L/C transaction

HSBC and ING have executed their first commercial letter of credit (L/C) transaction based on blockchain or distributed ledger technology.

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Islamic Development Bank Group provides L/C support for Bahrain Middle East Bank

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.

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English appeal court upholds Chinese arbitration award in L/C dispute

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.

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Eurasian free trade zone and talks between Moscow and Tehran signal more local currency L/Cs

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).

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Nepalese traders must transact with China and India on L/C terms

Nepalese traders will soon have to start using letters of credit (L/Cs) when buying from or selling to traders in China and India.

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Turkey and Iran commence own currency L/C transactions

Turkey and Iran have issued the first letter of credit (L/C) using their own currencies.

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Punjab National Bank will honour foreign L/Cs

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.

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Commonwealth launches L/C support facility

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.

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Privatisation is not the answer to India's L/C problems

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.

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Indian power promoters failed to meet L/C obligations

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.

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Alleged L/C fraudsters face fresh charges

Three men in the US state of New Jersey are facing fresh charges relating to alleged letter of credit (L/C) frauds.

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L/Cs unscathed in Iran's cash crisis says CBI governor

Iran's government is sparing no efforts to contain a currency crisis after the rial hit an all-time low.

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