The Arab bank accepts and opens the request of Electra company for the $100,000 letter of credit, the bank requires a 3% of the LC amount restricted deposit, and requires $1,000 fees on issuance letter of credit. the customer have a foreign currency current account. Record all restrictions for Letter of credits from the beginning of opening the credit until it is finally closed.

Answer rating: 100% (QA)

According to given data The Arab bank accepts and opens the request of Electra company for the 100000 letter of credit the bank requires a 3 of the LC ... View the full answer