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Letters of credit shoot up in Azerbaijan

Letters of credit shoot up in Azerbaijan

09 June 2009 13:59 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of May 1, letters of credit issued by Azerbaijan-based banks reached AZN 214.9 million, up AZN 10-fold from a year ago and 5-fold from early this year, said the Central Bank of Azerbaijan.

A letter of credit is a document issued mostly by a bank, which usually provides an irrevocable payment undertaking to a beneficiary against complying documents as stated in the Letter of Credit.

Letters of credit are used primarily in international trade transactions of significant value, for deals between a supplier in one country and a customer in another.

Letters of credit account for 3.42% of loan book in Azerbaijanâ€™s banking system, compared to 0.41% a year ago and 0.61% early this year.

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