Trade Finance Officer
Trade Finance Officer Interview Questions and Answers
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Q1. What are the different MT codes used in the SWIFT messaging system?
MT codes are used in the SWIFT messaging system to categorize different types of messages.
MT 700 - Issue of a Documentary Credit
MT 710 - Advice of a Documentary Credit
MT 740 - Authorisation to Reimburse
MT 799 - Free Format Message
Q2. What is SWIFT, and how does it function in financial transactions?
SWIFT is a messaging network used by financial institutions to securely and quickly communicate information for international transactions.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
It provides a secure messaging platform for financial institutions to communicate information such as payment instructions, confirmations, and statements.
SWIFT codes are unique identifiers assigned to each financial institution that is part of the network.
It enabl...read more
Q3. What is Bg, Lc?
Bg stands for Bank Guarantee and Lc stands for Letter of Credit.
Bank Guarantee (Bg) is a commitment by a bank to pay a specified amount to a beneficiary if the applicant fails to fulfill their obligations.
Letter of Credit (Lc) is a financial instrument issued by a bank on behalf of a buyer, guaranteeing payment to the seller upon meeting certain conditions.
Bg and Lc are commonly used in international trade to provide assurance to parties involved in transactions.
Bg and Lc hel...read more
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