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It is more important than ever for exporters to monetise their receivables. These receivables may take different forms, including promissory notes, bills of exchange and letters of credit. The forfaiting industry can accommodate and provide finance for these types of instruments and enable exporters to provide attractive sales terms to their buyers.
The Uniform Rules for Forfaiting set out clear procedures for both corporates and financial institutions engaged in forfaiting. The Rules entered into effect on 1 January 2013 and have attracted significant usage the world over.
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