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A bankers' acceptance is created when a time draft drawn on a bank is stamped "accepted" by the bank. By accepting the draft, the bank makes an unconditional promise to pay the holder of the draft. In practice most acceptances are created in the major world currencies.
A bankers' acceptance is created when a time draft drawn on a bank is stamped "accepted" by the bank. By accepting the draft, the bank makes an unconditional promise to pay the holder of the…