Article: “The dollar letter of credit”
Quote: “...there is no reasonable answer specific and justifiable to not to return for opening letters of credit for the purposes of import , this dollar bleeding of our credit must be curbed to stop losses at all levels.”
This is another good sign that compliance in cash transaction protection continues to be put in place.
With these letters of credit, the banks are standing behind and guaranteeing transactions which will in turn ensure they do their due diligence to protect themselves.
This adds to confidence in dealing with all banks…even the private banks.
