Cashless society is an economic concept where financial transactions are executed in an electronic format rather using banknote. In a cashless society, each party will have an electronic card or device which will be used to execute the transaction. The cashless transaction may be executed in the form of Credit card, Debit card, Mobile wallet, … Read more
LIBOR stands for London InterBank Offered Rate (aka ICE LIBOR) is the benchmark interest rate for interbank short-term unsecured loans. LIBOR is calculated based on submission of interest rates by panel banks (ICE LIBOR Currency Panels), that they expect they would be charged by others for borrowing money. So, LIBOR is an average rate at … Read more
The letter of credit (LC) also called “commercial credit” or “documentary credit”, is one of the most reliable means of payment in international trade. In this article, we will try to understand what is the letter of credit, how does it work, what types there are and some more curiosities of this instrument, that is … Read more