Usually means: Payment guarantee rotating among participants.
Definitions Related words Mentions
We found 4 dictionaries that define the word circular letter of credit:

General (4 matching dictionaries)
  1. circular letter of credit: Dictionary.com
  2. Circular letter of credit: Wikipedia, the Free Encyclopedia
  3. circular letter of credit, Circular letter of credit: FreeDictionary.org

Definitions from Wikipedia (Circular letter of credit)

noun:  A circular letter of credit was a letter of credit issued by a bank or related financial institution to a private person, usually an individual of means, which enabled that person to draw funds from correspondent banks while traveling.


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