Letters of credit: down but not out
Long the tool of choice in trade finance, fewer companies are using a letter of credit for its traditional purpose – but don't expect LCs to disappear any time soon.
Fewer companies than ever before are making use of letters of credit, bank executives say. But while use of LCs is in decline, it remains a viable finance product because companies new to trade prefer it to alternatives – while other companies use LCs for purposes other than trade.
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