Import letter of credit Import letter of credit

Opening Import L/C

One of the payment methods in international trade in which the bank, upon request of buyer/applicant in order to purchase and/or order goods/services, undertakes to pay credit to the corresponding beneficiary on the specified maturity date against the documents stipulated in the credit context.

 

Opening Sight  L/C for importation of goods

Terms, conditions and steps for opening L/C

  • Obtaining the required legal permits from  ministries and  competent authorities by considering the rules and regulations of export and import and the corresponding executive bylaws
  • Order registration with the Ministry of Industry, Mine and Trade
  • Lack of any debts and/or nonfulfillment of obligations by the applicant (including failure to submit the goods customs permit) with the national banking system
  • Opening L/C upon completion of the steps for foreign currency appropriation by the Central Bank
  • Payment of bank services commission