Concerning the provisions of Law
on Foreign Exchange Operations,
foreign credit operations are credits
and loans concluded between a
resident and a non-resident in foreign
currency with credits granted
by a bank or by a foreign bank.
Those credit operations include
commercial loans granted by a seller
to a buyer through sale of goods
or services in foreign trade with
deferred payment of up to one year
and payment of interest and/or with
deferred payment of over one year.
Besides, said Law also prescribes a
trade credits and loans granted by a
creditor and/or lender to a borrower
for the purpose of financing foreign
trade in goods and services by directly
settling upon the borrower’s
request its liability to the supplier
of goods and/or services and financial
credits and loans granted by a
creditor and/or lender to a borrower
by crediting the borrower’s account.