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The bank signs a memorandum of understanding with General Electric and the Trade Bank of Iraq, a sign counterparties are ready to help companies finance Iraqi projects.
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.
The Reserve Bank of India has further pushed its plan to get the whole country’s payment and settlement system onto an electronic platform. But the plan, called Vision 2018, does not oblige companies to comply.