wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

What is a letter of credit?

Open in App
Solution

A letter of credit is a guarantee letter issued by the importer's bank stating that it will honour the export bills to the bank of the exporter up to a certain amount.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Export Import Procedure
BUSINESS STUDIES
Watch in App
Join BYJU'S Learning Program
CrossIcon