Please refer to the definition of ‘Exposure’ given in Prudential Regulations for Agriculture Financing, Corporate/Commercial Banking and SMEs Financing as amended from time to time.

2. Based on the feedback received from the banks/DFIs, it has been decided to exempt the following bills purchased/discounted for the purpose of ‘Exposure’ mentioned at Serial No. (i) of the definition of ‘Exposure’:

	Maturity of the bill(s) purchased/discounted	Aggregate amount of bill(s) purchased/discounted on account of one person	Minimum rating of the L/C issuing and accepting banks/DFIs assigned by Standard & Poor, Moody’s, Fitch-Ibca, Japan Credit Rating Agency (JCRA) or the credit rating agency on the approved panel of State Bank of Pakistan
a)	Short term (not more than 1 year)	Up to US$ 250,000	No restriction
b)	Short term (not more than 1 year)	More than US$ 250,000	At least “BBB” and above
c)	Long term (more than 1 year)	-Any-	At least “A” and above

3. All other instructions on the subject shall, however, remain unchanged.

4. Please acknowledge receipt.