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English definition of “eligible bill”

eligible bill

noun [C]     BANKING
in the UK, a bill of exchange (= document ordering payment for goods or services ) that a bank approved by the Bank of England has accepted , and which the Bank of England has agreed to buy immediately : Eligible bills are virtually risk free since the Bank guarantees to buy all that are offered .
(Definition of eligible bill noun from the Cambridge Business English Dictionary © Cambridge University Press)
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