Circulars/Notifications - Banking Supervision Department  
 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

       
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