Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
A.T.M. Nesarul Hoque is EVP at Mutual Trust Bank in Bangladesh. He is a WG member of ISBP 821E, Member of ICC Technical Advisory Briefings (TAB), DOCDEX expert, and DCW EAB member.
Letters of credit represent the bulk of trade services offered by banks in Bangladesh and the country’s tense governmental transition has been closely watched by the industry. In this article, Bangladesh's political and economic challenges and their impact on trade are considered.
