Forfaiting is purchasing by discounting the receivables secured with payment bank Guarantees and Letters of Credit with differed payment, that are due for payment on a future date and that arise from delivery of goods and services. With the forfeiting, By facilitating export with differed payment that is 100% financed by the Bank, Your export with differed payment is transformed into a cash transaction and Your product becomes competitive on the world market. Also, the forfeiting enables inflow of liquid funds for continuous production for export.
The Bank primary forfeits receivables of export companies under export Letters of Credit issued in their favor with differed payment clause, where the Bank is an advising Bank.
Interest rate for purchase of receivables from clients exporters (forfeiting):
LIBOR for 1 month, 3 months or 6 months (depending on the closest period for discounting and the value date of the instrument that is subject of forfeiting) + 5,5 percentage points.
Aleksandar Sapkarov, FX Loans Department
Phone: (+389 2) 3168-620