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I

top of pageIBRD:

Abbreviation for International Bank for Reconstruction and Development.

Français: BIRD
Español: IBRD

 

 

top of pageIBOR:

See Interbank Offered Rate.

Français: IBOR
Español: IBOR

 

 

top of pageICOR:

See Capital-output ratio.

Français: ICOR
Español: ICOR

 

 

top of pageIDA:

bbreviation for International Development Association.

Français: IDA
Español: IDA

 

 

top of pageIFC:

Abbreviation for International Finance Corporation.

Français: IFC
Español: IFC

 

 

top of pageIMF:

International Monetary Fund.

Français: FMI
Español: IMF

 

 

top of pageImport certificate:

A means by which the government of the country of final destination monitors and controls the importation of the goods covered by the certificate.

Français: Certificat d’importation
Español: Certificado de importación, declaración de importación

 

 

top of pageImport License:

A document required and issued by some governments to allow the importation of goods into their countries.

Français: Licence d’importation
Español: Licencia de importación, permiso de importación

 

 

top of pageImport quota:

A quantitative restriction by a government on its country’s imports. Once the total amount of the goods to be allowed for import during a specified period has been determined, the authorities may issue a number of licenses to importers, assigning each one a quota. Import licenses may also specify the country from which the importers must purchase the goods.

Français: Quota d’importation
Español: Contingente de importación, cupo de importación

 

 

top of pageImport substitution:

An economic policy and development strategy focusing on the replacement of imports with domestically produced goods, usually accomplished through protectionism, as the route to economic growth. Compare with export oriented strategy.

Français: Importation de substitution
Español: Sustitución de importaciones

 

 

top of pageImport tariff:

A duty placed on goods entering a country.

Français: Taxe d’importation
Español: Arancel de importación

 

 

top of pageIn bond:

A term applied to merchandise admitted temporarily into a country without payment of duties, either for storage in a bonded warehouse or for trans-shipment to another point where duties will eventually be imposed.

Français: En dépôt
Español: Bajo control aduanero

 

 

top of pageIn-bond industry:

An industry specialised in the processing of imported raw materials and components allowed to enter the country free of duty, provided that they will be re-exported.

Français: Industrie en dépôt
Español: Industria de zona franca

 

 

top of pageIn case of need:

A term used of the agent or representative of a shipper abroad, to whom a bank may apply for instructions if so instructed by the shipper.

Français: En cas de besoin
Español: En caso de necesidad

 

 

top of pageIncome statement (USA); Profit and loss account (UK):

The statement of revenues received and expenses incurred by a firm during a particular time period, leading to the calculation of net income or net profit.

Français: Compte de pertes et profits
Español: Estado de pérdidas y ganancias

 

 

top of pageIncome warrant:

A warrant which carries pre-agreed interest at the time of issue.

Français: Certificat d’option à revenu
Español: Warrant de ingresos

 

 

top of pageINCOTERMS:

Rules developed by the International Chamber of Commerce to standardize international trade practices, facilitate trade and minimise misunderstandings over commercial terminology. The terms used in foreign trade contracts are codified to define which parties incur the costs and at what specific point the costs are incurred. They are usually referred to in the contact of sale or are implicit according to international trade practices.

Français: INCOTERMS
Español: INCOTERMS

 

 

top of pageIndemnity:

An undertaking issued by a beneficiary or his bank to reimburse a settling bank if the documents are rejected.

Français: Indemnité
Español: Indemnización, compensación, reparación

 

 

top of pageIndemnity clauses:

This refers to the indemnity provisions inserted in a lease or loan contract.

Français: Clauses d’indemnité
Español: Cláusulas de indemnización

 

 

top of pageIndexation:

An automatic revision of the nominal prices to take account of inflation. Wages, unemployment benefits, the value of financial assets and other sources of income are revised upwards to keep in line with inflation and protect their real value.

Français: Indexation
Español: Indización, indexación

 

 

top of pageIndex futures:

Contracts for future delivery based on the development of a share or price index within a specified period. See also Financial futures; share index.

Français: Indice sur les contrats à terme
Español: Indice de futuros

 

 

top of pageIndirect quote:

A foreign exchange quote expressed in terms of the number of units of foreign currency for one unit of domestic currency. Also known as European terms. Compare with Direct quote.

Français: Cotation indirecte
Español: Cotización indirecta

 

 

top of pageIndirect selling:

A selling method whereby the manufacturer deals through another domestic firm before entering the international markets.

Français: Vente indirecte
Español: Venta o exportación indirecta

 

 

top of pageInflation Rate Coverage:

An insurance or guarantee cover which protects the supplier against a significant increase in the manufacturing costs of capital goods, when a long lead time between the signing of the contract and the delivery of the final products is entailed. It is also known as cost escalation coverage.

Français: Couverture du taux d’inflation
Español: Cobertura del índice de inflación, cobertura de la tasa de inflación

 

 

top of pageInland Bill of Lading:

A bill of lading issued in connection with the transport of goods overland to the exporter's international carrier. Although a through bill of lading may sometimes be used, it is usually necessary to prepare both an inland bill of lading and ocean bill of lading for export shipments. Compare with air waybill, ocean bill of lading and through bill of lading.

Français: Connaissement sur l’intérieur
Español: Conocimiento de embarque terrestre

 

 

top of pageInland Carrier:

A carrier who hauls export or import traffic between ports and inland points.

Français: Transporteur sur l’intérieur
Español: Transportista interno

 

 

top of pageInsolvency:

The inability of a borrower to honour debts when due. Opposite: Solvency.

Français: Insolvabilité
Español: Insolvencia

 

 

top of pageInspection certification:

A statement, required by some buyers or importing countries, issued and signed by the appropriate authority (a governmental entity or a private independent inspection company) providing evidence that the shipment has been inspected, and giving specifications of the shipped goods.

Français: Certificat d’inspection
Español: Certificado de inspección

 

 

top of pageInstalment credit:

A loan which is repaid over time through a specified series of regular and equal instalments. Instalment credits are often used in consumer credit, while they are relatively rare in trade financing.

Français: Crédit à tempérament
Español: Crédito para compras a plazos

 

 

top of pageInsurance:

A contract whereby the insurer undertakes to reimburse the policyholder in the event of a specified contingency or peril, against the payment of a premium. See also export credit insurance and Export Credit Agency.

Français: Assurance
Español: Seguro

 

 

top of pageInsurance certificate:

A certificate assuring the consignee that insurance is provided to cover loss or damage to the cargo while this is in transit.

Français: Certificat d’assurance
Español: Certificado de seguro

 

 

top of pageIntangible assets:

Intangible items such as goodwill, patents and patent rights, deferred charges, etc.

Français: Actifs intangibles, incorporels
Español: Activos intangibles, bienes inmovilizados

 

 

top of pageInter-American Development Bank (IADB):

An international financial organization established in 1959 aimed at improving economic and social conditions in Latin America and the Caribbean, primarily by providing funds for public projects.

Français: Banque Inter-Américaine de Développement
Español: Banco Interamericano de Desarrollo (BID)

 

 

top of pageInterbank Offered Rate (IBOR):

Also known as the interbank rate, this is the interest rate applied on short term loans between banks and which serves as a reference rate for other types of loans, including buyer credit or supplier credit. The interest rate terms are calculated daily and determined according to the length of and currency of the loan. A number of financial centres offer an IBOR, including London (LIBOR), Paris (PIBOR), Singapore (SIBOR), Zurich (ZIBOR), etc. The US Federal Funds Rate is also an example of an interbank rate.

Français: Taux interbancaire offert
Español: Tasa de oferta interbancaria, tipo de oferta interbancaria

 

 

top of pageInterbank market:

A market where banks borrow and lend to each other, usually for very short-term periods.

Français: Marché interbancaire
Español: Mercado interbancario

 

 

top of pageInterbank transactions:

Foreign exchange or lending transactions between banks as opposed to transactions between banks and non-bank clients.

Français: Transactions interbancaires
Español: Transacciones interbancarias

 

 

top of pageInterest arbitrage:

A type of arbitrage consisting of investment in interest-bearing instruments in different currencies, with the aim of earning a profit by taking advantage of existing or expected interest rate and exchange rate differentials.

Français: Intérêt d’arbitrage
Español: Arbitraje de intereses

 

 

top of pageInterest charge:

Interested charged i.e. negative interest. See also Negative charge.

Français: Charge d’intérêts
Español: Interest charge

 

 

top of pageInterest during construction (IDC), Pre-commissioning interest:

Interest on loans accruing during the performance of the supply contract, which are in general capitalized and added to the principal amount outstanding

Français: Intérêts pendant la construction
Español: Intereses intercalarios

 

 

top of pageInterest make-up agreement (IMU):

An arrangement involving an export credit agency or an EXIMBANK whereby these make possible the granting of a concessional fixed rate loan to support exporters. See also Interest Rate Equalization.

Français: Interest make-up agreement (IMU)
Español: Acuerdo de composición de los intereses

 

 

top of pageInterest rate:

(1) The rate at which interest is due on any obligation, or is paid on interest bearing assets.

(2) The interest charged to the customers of a bank for the opportunity of borrowing other people's money. Conversely the interest paid to the bank’s customers for agreeing to lend their money to someone else.

Français: Taux d’intérêt
Español: Tipo de interés, tasa de interés

 

 

top of pageInterest Rate Coverage:

(1) The extent of coverage granted by an insurance policy or guarantee facility on loan interest specified in a guarantee/insurance facility.

(2) Coverage against adverse fluctuations in interest rates

Français: Couverture du taux d’intérêt
Español: Cobertura del tipo de interés

 

 

top of pageInterest rate differential:

The spread between two different facilities or between spot and forward rates. (An indicator of future changes in the spot exchange rate).

Français: Différence entre les taux d’intérêt
Español: Diferencial de los tipos de interés

 

 

top of pageInterest Rate Equalization:

A service offered by Export Credit Agencies or EXIMBANKS providing commercial banks with the difference between the subsidized rate payable on the bank’s ECA supported loan and the bank’s market cost of funds, plus an agreed interest spread. Also called subsidization or make-up.

Français: Egalisation des taux d’intérêts
Español: Igualación del tipo de interés

 

 

top of pageIntermediation:

An activity performed by banks and other financial institutions, aimed at matching the financial needs of certain companies with the financial surpluses of other companies. Banks can purchase direct claims from deficit units, while issuing secondary claims to depositors. Opposite: disintermediation.

Français: Intermediation
Español: Intermediación

 

 

top of pageIntermediate consignee:

The bank, forwarding agent or other intermediary, acting as agent in the foreign country on behalf of the exporter, purchaser or ultimate consignee, charged with the delivery of the exported merchandise to the ultimate consignee.

Français: Consignataire intermédiaire
Español: Consignatario intermedio

 

 

top of pageIntermodal transport:

The ability to use different means of transport for a shipment, such as from ship to train to truck etc.

Français: Modes de transport multiples
Español: Transporte multimodal, transporte plurimodal, transporte combinado

 

 

top of pageInternal rate of return:

A measure used in project evaluation. It is the annual percentage of profitability on the initial investment.

Français: Taux de rendement interne
Español: Tasa de rentabilidad interna (TRI)

 

 

top of pageInternational Bank for Reconstruction and Development (IBRD):

A multi-government owned bank, set up in 1945 as part of the World Bank group. It aims to promote projects in developing countries, primarily in infrastructure and agriculture, through the extension of low interest rate loans and guarantees on private loans.

Français: Banque Internationale pour la Reconstruction et le Développement (BIRD)
Español: Banco Internacional de Reconstrucción y Fomento (BIRF)

 

 

top of pageInternational Chamber of Commerce:

A private, politically independent organization set up in 1919 in Paris, France, to facilitate and improve trade and business relations between countries. It also represents private business interests at national and international levels. Its activities include the definition of INCOTERMS.

Français: Chambre Internationale de Commerce
Español: Cámara de Comercio Internacional (CCI)

 

 

top of pageInternational Development Association (IDA):

A multi-government owned organization of the World Bank group to which industrialised countries assign funds to be lent to developing countries on more liberal terms than ordinary development loans. The IDA provides soft loans, i.e. loans which bear no interest and with long repayment periods.

Français: Association Internationale de Développement
Español: Asociación Internacional de Fomento

 

 

top of pageInternational Finance Corporation (IFC):

Established in 1956, it is a member of the World Bank group and provides loans to promote private sector investment in LDCs and developing countries. The loans are extended at market rates and the IFC seeks profitable returns from its investments.

Français: Société Internationale de Financement
Español: Corporación Financiera Internacional

 

 

top of pageInternational Monetary Fund (IMF):

A multi-government organization established in 1945 at Bretton Woods, it is the most important organization for international monetary policy co-operation. It acts as the banker of last resort for countries experiencing foreign exchange deficiencies and balance of payments deficits, and monitors the monetary and foreign exchange policies of its member states. Each member of the IMF has a quota, expressed in Special Drawing Rights, which determines its voting power and access to the Fund’s financial resources. See also World Bank and Group of Ten.

Français: Fonds Monétaire International (FMI)
Español: Fondo Monetario Internacional (FMI)

 

 

top of pageInternational Standards Organization (ISO):

Established in 1947 in Geneva as a world-wide federation of national standardisation bodies, the ISO is a system for the establishment of voluntary quality standards at international level. For instance, ISO 9000 is the general name for the quality standard accepted within the European Community, covering activities such as design, development, production, installation, servicing, inspection, testing, etc.

Français: Organisation internationale de normalisation (ISO)
Español: Organización Internacional de Normalización (ISO)

 

 

top of pageInternational Trade Administration:

A US Department of Commerce agency providing assistance to US exporters.

Français: Administration du Commerce International
Español: Administración de Comercio Internacional

 

 

top of pageInventory:

Raw materials, work-in-progress and goods ready for sale. In the UK the word stock is generally used instead. Inventories may be valued individually using various techniques such as cost or current market value, or collectively using FIFO or LIFO techniques. In securities companies, the term inventory refers to securities bought and held by a broker or dealer for resale.

Français: Inventaire
Español: Existencias

 

 

top of pageInventory-turnover ratio:

A measure of management’s control of its investment in inventory, i.e. the speed inventory is produced and sold. It is measured as the ratio of annual sales to average inventory. A low ratio is an unhealthy sign, indicating excess stocks and/or poor sales.

Français: Ratio Inventaire/chiffres d’affaires
Español: Razón de movimiento de existencias

 

 

top of pageInvestment bank:

A financial intermediary specialised in offering a variety of services, such as acting as a broker in share and bond deals, underwriting new security issues, facilitating mergers and other corporate reorganizations, providing long-term loans and/or equity capital, etc., rather than in lending out its own funds. More specifically, the term refers to US banks like Merrill Lynch, Goldman Sachs and Salomon Brothers which underwrite and deal in securities and do not take deposits directly from the public. In the UK investment banks are frequently known as Merchant banks.

Français: Banque d’investissement
Español: Banco de inversiones

 

 

top of pageInvestment Fund:

A holding company usually managed by an investment banker which collects savings from investors to be used to acquire participation in agreed sectors and countries.

Français: Fonds d’investissement
Español: Fondo de inversión

 

 

top of pageInvestment paper:

Securities which are particularly suitable for long term investments.

Français: Papier (effet) d’investissement
Español: Efecto de inversión

 

 

top of pageInvestment risk guarantee:

A guarantee scheme, usually government-operated, covering part of the risks connected with investments abroad.

Français: Garantie pour le risque relatif à l’investissement
Español: Garantía contra riesgos de inversión

 

 

top of pageInvisibles/Invisible trade:

Non-merchandise trade, including transport services (freight, shipping, etc.), most types of services (banking, insurance, tourism etc.) and investment.

Français: Invisibles/Commerce Invisible
Español: Invisibles, comercio de invisibles, comercio invisible

 

 

top of pageIrrevocable:

An agreement which cannot be cancelled unless all the parties concerned agree to do so. For instance, an irrevocable letter of credit, once issued, cannot be amended or cancelled without the agreement of all the named parties.

Français: Irrévocable
Español: Irrevocable

 

 

top of pageIrrevocable Letter of Credit:

See letter of credit.

Français: Lettre de Crédit Irrévocable
Español: Carta de crédito irrevocable

 

 

top of pageIrrevocable Negotiable Letter of Credit/Documentary Credit:

A payment technique whereby the issuing bank's engagement is extended to third parties who negotiate or purchase the beneficiary's draft/documents presented under the documentary credit. This assures anyone who is authorized to negotiate the draft/documents that they will be duly honoured by the issuing bank, provided the terms and conditions of the documentary credit are fulfilled. A bank which effectively negotiates the draft/documents buys them from the beneficiary, thereby becoming a holder in due course.

Français: Lettre de Crédit Irrévocable Négociable/ Crédit Documentaire
Español: Carta de crédito irrevocable y negociable

 

 

top of pageIrrevocable Straight Letter of Credit/Documentary Credit:

A payment technique implying that the obligation of the issuing bank is extended only to the beneficiary in honouring the draft/documents and usually expires at the counter of the issuing bank. This kind of Documentary Credit carries no commitment or obligation by the issuing bank towards any person other than the named beneficiary.

Français: Lettre de Crédit Irrévocable Nominative/ Crédit Documentaire
Español: Carta de crédito directa e irrevocable

 

 

top of pageISO:

See International Standards Organization.

Français: ISO
Español: ISO

 

 

top of pageIssue price:

The price at which shares or bonds are first issued to the public. See also At par, Below par.

Français: Prix d’émission
Español: Precio de emisión

 

 

top of pageIssued share capital:

The amount of share capital of a company, at par value, which has been subscribed by shareholders.

Français: Capital action émis
Español: Capital social emitido, capital accionario emitido

 

 

top of pageIssuer; borrower:

A private corporation or public authority raising funds for its own use by issuing and selling securities on the public market.

Français: Emetteur, emprunteur
Español: Emisor

 

 

top of pageIssuing bank:

A bank which opens a letter of credit, thereby assuming the obligation to pay the beneficiary or the correspondent bank if the documents presented are in accordance with the terms of the letters of credit.

Français: Banque émettrice
Español: Banco emisor

 

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