BPRD
Circular No. 16 |
June 21, 1998 |
All
Banks,
Dear
Sirs,
MAINTENANCE
OF LIQUID ASSETS IN PAKISTAN UNDER
SECTION 29 OF BCO, 1962.
|
Please refer to BPRD Circular
No. 43 dated the 27th December, 1997 an
captioned subject.
2. In exercise of the powers conferred upon State Bank Of
Pakistan under Section 29 of the Banking Companies Ordinance,
1962, it has been decided to reduce the liquidity ratio, excluding
stationary cash reserve, by 3 percentage points to 15 per
cent effective from 22nd June, 1998. According, as from the
said date every banking company shall maintain in Pakistan
in cash (excluding Stationary cash Reserve maintained under
Section 36(1) of State Bank Of Pakistan Act, 1956)gold or
unencumbered approved securities to be valued in a manner
as provided for under the said section an amount which shall
not at the close of business on any day be less than 15 percent
of the total of its time and demand liabilities in Pakistan.
3. Please acknowledge receipt.
|
Yours
faithfully,
(Mansur-ur-Rehman Khan)
Director |
|
|
|