Economy, Business And Markets

LCs in Yen

LCs in YenLCs in Yen

Japan’s Sumitomo Mitsui Bank is opening letters of credit for traders willing to work with Iran in cooperation with Saman Bank. The credit is available only in yen for Japanese entities, Saman Bank Told Financial Tribune on Sunday. The two banks had corresponding relations before the sanctions were imposed in 2012. Currently, Saman has established corresponding relations with close to 370 banks across the world.