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- TTP Liquidity Brief | Issue 71 - The trade finance crowd hits Croatia
TTP Liquidity Brief | Issue 71 - The trade finance crowd hits Croatia
Defence finance, tokenisation, Emerging Leaders, TTP Studios and a couple of announcements of our own.
🌟 A note from the Deputy Editor
Well, Split certainly kept us busy.
Despite a few travel hiccups, the TTP team spent the week in Croatia for the 52nd ITFA Annual Meeting. It was a packed few days overlooking the Adriatic, covering everything from defence finance and critical materials to resilience and tokenisation. And of course, there was plenty of catching up with familiar faces from across the industry. We also set up TTP Studios on location and recorded a host of conversations with experts from the trade finance community. Coming soon to a screen near you!
The three ITFA Emerging Leaders finalists take to the stage to present their projects. Congratulations to Mohit Panjwani, Ayush Bhandari and this year’s winner, Harry Thursby-Pelham, on three excellent presentations. If you missed the build-up, you can meet all three and dig into their projects in our Emerging Leaders profiles.
And there’s some news of our own. Clarissa Dann is joining the editorial team as co-host of TTP Studios, while TTP and LIBF have announced a new global strategic education partnership.
As always, there’s plenty to read, watch, learn — and, after a very busy few days in Split, catch up on.
Until next time — živjeli!
— The TTP Editorial Team

Country of the Week: Croatia
Did you know that Dubrovnik created one of the world’s earliest quarantine systems to keep trade moving during outbreaks of plague? In 1377, the maritime trading republic required travellers and merchants arriving from infected areas to spend 30 days in isolation before entering the city. The policy allowed Dubrovnik to protect public health without completely shutting down the international trade on which it depended.
Croatia trade stats (2024):
Total exports: $23.7B | Total Imports: $46.4B |
Largest export destination:Germany ($2.88B) | Largest import partner: Germany ($6.5B) |
Largest Export: Packaged Medicaments ($932M) | Largest Import: Refined Petroleum ($2.81B) |
Source: OEC
Slow Read
Why local currency finance is imperative: Insights from the Wilton report
By: Devanshee Dave
Foreign exchange (FX) risk is a major challenge in international development finance, but not managed effectively. In emerging markets and developing economies (EMDEs), investments are often funded in hard currency (HCY), even though most revenues come in local currency (LCY).
This mismatch puts borrowers at risk of exchange rate fluctuations and affects their ability to sustain debt and keep projects viable, raising the cost of capital. This leads to consequences that can impact development outcomes, especially for vulnerable groups and sectors that depend on local currency revenues.
Read More
Trade digest
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Topic of the week: Inventory finance
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