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.
After months of depleting US dollar reserves and denial of importers’ LCs amid the country’s dire foreign currency crisis, some Sri Lankan banks have managed to honour LCs.
Sri Lanka’s Power and Energy Minister has sought Cabinet approval for emergency purchases of coal, but importers have been informed by People’s Bank that it is not possible to open LCs.
As the country’s foreign exchange shortage worsens, regular suppliers of imports who previously extended credit terms are now insisting on confirmed LCs.
