BPRD
Circular No. 15 |
June 21, 1998 |
All
Banks,
Dear
Sirs,
CASH
RESERVE OF SCHEDULED BANKS WITH
STATE BANK OF PAKISTAN UNDER
SECTION
36 (1) OF SBP ACT, 1956.
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Please
refer to BPRD Circular No. 25 dated 26th July, 1997 on the captioned
subject. 2. In
terms of the powers conferred under Section 36(1) of the State
Bank of Pakistan Act, 1956, the present system of maintaining
cash reserves on an average basis has been suspended. Effective
from June 22, 1998 and till August 31, 1998, every scheduled
bank shall maintain with State Bank a balance amount of which
not at close of business on any day be less than 3.75 per
cent if demand and time liabilities of foreign currency in
Pakistan and 5.0 per cent of demand and time liabilities of
foreign currency in Pakistan.
3.
Please acknowledge receipt.
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Yours
faithfully,
Sd/-
(Mansur-ur-Rehman Khan)
Director |
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