The Governor of the Central Bank Ajith Nivard Cabraal has stated that the payment will be made if the documents are completed for the letter of credit opened to the Chinese company that imported the stock of fertilizer.
He added that since international trade transactions are carried out by international standards, the transaction will take place if the documents are complete.
Mr. Cabraal said that the People’s Banks is ready to act accordingly and that the non-payment was not due to a fault of the People’s Bank but due to a ban imposed by law and that the People’s Bank had nothing to do with the conflict.
He added that the letter of credit owed the US $ 9 million and that discussions were ongoing at the diplomatic level to resolve the issue.
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