All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

EXCHANGE RATES

Effective 23rd May, 1997 the State Bank of Pakistan will undertake purchase and sale of U.S. Dollar from and to Authorised Dealers at the following rates :-

BUYING PER U.S. DOLLAR	SELLING PER U.S. DOLLAR
SPOT	SPOT
40.3900	40.5920

2. The revised rates at which Authorised Dealers will buy from and sell U.S. Dollar to the public with effect from 23rd May,1997 are as under :-

BUYING PER U.S. DOLLAR		SELLING PER U.S. DOLLAR
SPOT		SPOT
T.T.	40.3496	T.T.&	40.6324
Clean		O.D.
O.D.	40.2169