Letter of Credit, document issued by a bank authorizing the bearer to receive money from one of its foreign branches or from another bank abroad.
The order is nonnegotiable, and it specifies a maximum sum of money not to be exceeded.
Widely used by importers and exporters, the letter of credit is also made available to tourists by their home banks so that they may draw foreign currency while traveling abroad.
When the instrument is directed to more than one agent, it is called a circular letter of credit.
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MSNBC NEWS UPDATE
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