Economics · Banking and Currency
What is a Letter of Credit (LC) in banking?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A guarantee issued by a bank to another bank, assuring payment to a specified party under defined conditions.✓
- 2A type of industrial revolution.
- 3A national development council.
- 4A food and agriculture organization.
Correct answer
A guarantee issued by a bank to another bank, assuring payment to a specified party under defined conditions.
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