US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
Egyptian banks opened LCs worth USD 11.6 billion over a six-week stretch from 1 March to mid- April 2022
Egyptian banks opened LCs worth USD 11.6 billion over a six-week stretch from 1 March to mid- April 2022, an increase of 87% from the USD 6.2 billion in LCs issued for the same period one year ago, said SEE News, citing Central Bank of Egypt (CBE) sources.
The spike coincides with implementation of CBE’s decision to halt use of documentary collections backing import operations and instead require LCs.
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