Conclusion
There can be little doubt that the letter of credit has been on the decline in recent years. 14.60 Whilst it is possible that the global coronavirus pandemic might lead to their greater use in the short term, the increase in regulation, technology, and innovation will impact upon the continued utility of the letter of credit in the long term.
The space left behind has been replaced by trade parties reverting to open-account and prepayment terms and by banks and other finance-providers supporting their customers with various SCF techniques. The current prediction is that trade parties' reliance on SCF will increase year on year. Whilst, as considered above, there are some uncertainties regarding the application of the financial reporting and prudential supervision requirements to SCF, that form of financing should continue to prosper once those uncertainties are resolved.15
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- Hare C., Neo D. (eds.). Trade Finance: Technology, Innovation and Documentary Credit. Oxford University Press,2021. — 417 p., 2021
- SOURCES FOR SLAVIC RELIGION
- Fligstein Neil. The Banks Did It: An Anatomy of the Financial Crisis. Harvard University Press,2021. — 334 p., 2021
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