All Authorized Dealers
in Foreign Exchange and Investment. Banks
Holding restricted Authorised Dealer’s Licence

Dear Sirs,

Please refer to paragraph 3 of F.E. circular No.13 of 1999 and Circular letter No. 15/FEP-16 (326) Q-Poly-99 dated the 5th June, 1999 regarding of placement of foreign currency deposits, mobilized in terms of F.E. Circular No.25 of 1998, with the State Bank.

2. The applicable rates of remuneration of deposits placed with the State bank during the month December. 2000 will be as under:-

i) One Week 4%

ii) One month 4.25%

iii) three months 4.50%

3. It is added for your information that the Foreign Exchange reserves of the State Bank as on 30 November, 2000 amount to US$ 1,336.1 million. The net cumulative placement with the State Bank of foreign exchange made in terms of the above Circular amounts to US$ 481.70 million on the same date