MEASURES WHICH LED TO THE INTRODUCTION OF THE MONETARY COMPENSATORY AMOUNTS . WHERE THE CONTRACT PROVIDES FOR PAYMENT BY THE OPENING OF AN IRREVOCABLE DOCUMENTARY CREDIT THE ANSWER MUST DEPEND ON THE NATURE OF THE ARRANGEMENTS AGREED BETWEEN THE IMPORTER AND THE ISSUING BANK AND THESE MAY IN TURN DEPEND ON THE PROVISIONS OF THE LOCAL LAW APPLICABLE TO THEM . WHERE THE CREDIT IS TO BE OPENED FOR A SUM IN FOREIGN CURRENCY ( AS , IN THIS CASE , DOLLARS ), THE CRUCIAL DATE WILL BE THAT UPON WHICH THE RATE OF EXCHANGE DETERMINING THE AMOUNT OF THE IMPORTER ' S LIABILITY TO THE ISSUING BANK WAS APPLICABLE .
( 4 ) THE COMMISSION WAS EMPOWERED TO ADOPT IN REGULATION NO 2887/71 THE DETAILED RULES FOR APPLYING REGULATION NO 974/71 TO ITALY AND TO DETERMINE THE MONETARY COMPENSATORY AMOUNTS APPLICABLE TO ITALY IN REGULATION NO 17/72 AND THE SUBSEQUENT RULES .
( 5 ) FOR THE PURPOSE OF DETERMINING WHETHER THE CONDITIONS FOR APPLYING AND DETERMINING MONETARY COMPENSATORY AMOUNTS ARE FULFILLED REFERENCE MUST BE MADE IN RESPECT OF EACH COMMERCIAL TRANSACTION ( IMPORTATION OR EXPORTATION ) TO THE DAY OF THE IMPORTATION OR EXPORTATION .