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Guarantee made by company bank to foreign bank for import is called ______?

Guarantee made by company bank to foreign bank for import is called ______?

کمپنی بینک کے ذریعہ غیر ملکی بینک کو درآمدی کے لئے دی جانے والی گارنٹی کو ______ کہا جاتا ہے؟
Explanation
  • A Letter of Credit (LC) is a financial guarantee issued by a bank on behalf of a buyer, ensuring payment to the seller upon fulfilling agreed conditions.
  • It is commonly used in international trade to reduce payment risks for both importers and exporters.