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Letters of Credit

With opening of Letter of Credit, Komercijalna banka AD Skopje as an issuer, by the order of its client, undertakes irrevocable obligation that on the specified date will execute payment / negotiation of the presented documents in favor of the beneficiary of the Letter of Credit, under the condition that the presented documents for the executed import are in accordance with the previously determined terms and conditions in the wording of the Letter of Credit.

The Letter of Credit is the most secure instrument for payment and for securing the payment, which provides maximum protection for the buyer and for the seller, especially when they are new partners in the international trade business. This is why it is the most used banking product in the international trade transactions.

The advantage for the buyer when using the Letter of Credit is the assurance that he will receive the goods that have been agreed. The buyer secures the delivery of goods through well defined documents in the instructions and conditions of the Letter of Credit.

The advantage for the exporter when using the Letter of Credit is that he will receive the payment for the delivered goods, if he complies to the instructions and conditions of the Letter of Credit.

The Bank issues and operates the Letters of Credit according the principles determined in the General Conditions for Operation with Documentary Letters of Credit.of Komercijalna banka AD Skopje. This instrument is internationally regulated with the generally accepted Uniform Customs and Practices for Documentary Credits, Revision 2007, Publication 600 issued by ICC in Paris.

Import Letter of Credit (Nostro)- instrument for payment and securing of payment for import of goods and services.

Required documents for issuing Letter of Credit:
  • Appropriate documentation (agreement, invoice or pro-forma invoice for the agreed import);
  • Application for issuance of Letter of Credit (to be used only in case when the Letter of Credit is secured with short term denar loan) .

Export Letter of Credit (Loro) -instrument for securing of payment of the export of goods and services.

Standby Letter of Credit
The Bank also issues Standby Letters of Credit, which are special type of Letters of Credit that are used as a guarantee, i.e. they are used for securing the trade contract, but are subject to the international rules and customs issued by the International Chamber of Commerce.

If the bank of the exporter is required to issue a confirmation, the bank adds its own obligation to execute payment upon presentation of comply documents. For confirmation of Letters of Credit, Komercijalna banka AD Skopje has a special arrangement with EBRD, as well as many other credit lines from renowned banks in the world.

Contact persons

Letter of Credit and Documentary Operations Section
Phone: (+389 2) 3168-651; (+389 2) 3168-652; (+389 2) 3168-653; (+389 2) 3168-654; (+389 2) 3168-656; (+389 2) 3168-657

Nadica Bosilkova Boskova, Officer in Charge for Letters of Credit and Documentary Operations Control
Phone: (+389 2) 3168-655
Fax: (+389 2) 3220-969

Katerina Petrovska, Head of International Payment Operations Unit
Phone: (+389 2) 3168-626
Fax: (+389 2) 3115-035

Violeta Vasilevska, International Payment Operations and Foreign currency Accounts Department Manager
Phone: (+389 2) 3168-625
Fax: (+389 2) 3220-969
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