All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

EURO

With advent of the Euro, Authorised Dealers may open accounts in Euro with their correspondents abroad subject to submission of a report to the State Bank vide F.E Circular No. 20 of 1997. They may also handle export / import documents and other inward/ outward remittances denominated in Euro. They can also accept Euro deposits under F.E Circular No. 25 of 1998. The Authorised Dealers will determine their own rates of exchange in Euro both ready and forward on the basis of the dollar versus Pak rupee rate and the dollar versus Euro rate. The Authorised Dealers will report Euro transaction in S-1 statement and they will also submit information in respect of the balance held in their Euro accounts in the statement prescribed at page 5, Appendix V.