State Bank of Pakistan

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

Foreign Currency Accounts Scheme

Attention of Authorised Dealers is invited to F.E. Circular No. 45 dated the 11th August, 1985, in terms of which they have been allowed to accept foreign currency term deposits under the Foreign Currency Accounts Scheme from banks operating abroad and financial institutions etc. owned by them subject to the condition that the amount of such deposit is not less than U S.$ 10 million or equivalent thereof in other currencies and the period of maturity thereof is not less than one year,

2. It has now been decided to reduce the monetary limit from US$ 10 million to US$ 5 million or equivalent thereof in other currencies. Other terms and conditions however, will remain unchanged.

3. Please bring the above to the notice of your constituents.