Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
The Central Bank of Egypt announced in a statement released on 27 October 2022 that it will begin a process of phasing out mandatory use of LCs for import finance by December 2022.
The policy, implemented in March 2022, was designed to curtail US dollar outflow but instead stifled imports resulting in severe shortages of consumer goods.
