This refers to guarantee to be issued by request of local principals through Dashen Bank to one of the foreign banks in favour of foreign beneficiaries. Issuances of guarantees remain the sole discretion of Dashen Bank. Outgoing guarantees may be issued upon fulfilling the following conditions.
Guarantees should have the consent of NBE for issuance.
Customer should arrange guarantee facility approved by appropriate credit approving organ of Dashen Bank
Guarantees may take two forms: –
a) Guarantees that may request counter guarantee of foreign Bank.
b) Guarantee which calls issuance without any commitment/obligation of foreign Bank.