Which of the following correctly states the role of banks in import/export transactions involving a letter of credit (L/C)?
A) The importer's bank is the advising and/or confirming bank; the exporter's bank is the issuing bank.
B) The exporter's bank is the advising and/or confirming bank; the importer's bank is the issuing bank.
C) The exporter's bank is the advising, confirming, and issuing bank.
D) The importer's bank is the advising, confirming, and issuing bank.
E) none of the above
Answer: B) The exporter's bank is the advising and/or confirming bank; the importer's bank is the issuing bank.