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Letters of credit grow in Azerbaijan

Letters of credit grow in Azerbaijan

10 March 2009 16:58 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of February 1, letters of credit issued by Azerbaijan-based banks reached AZN 187.79 million, up AZN 172.49 million or 12.3 times on a year ago, said the National Bank of Azerbaijan.
At the same time, the figure grew by 4.3% or AZN 144.16 million in January.
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.

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