Which of the Following Correctly States the Role of Banks

question 63

Multiple Choice

Which of the following correctly states the role of banks in import/export transactions involving a letter of credit (L/C) ?

• A) the importer's bank is the advising and/or confirming bank; the exporter's bank is the issuing bank
• B) the exporter's bank is the advising and/or confirming bank; the importer's bank is the issuing bank
• C) the exporter's bank is the advising, confirming, and issuing bank
• D) the importer's bank is the advising, confirming, and issuing bank
• E) the exporter's bank is the drawee; the importer's bank is the payee