Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 25
July 22, 1998   

All Banks/NBFIs

Dear Sirs,

SPECIAL EXPORTERS ACCOUNTS EXEMPTION FRO
STATUTORY CASH RESERVE/LIQUIDITY REQUIREMENTS

Please refer to Para 5 of our Foreign Exchange Department's F.E Circular No 38 dated 21st July,1998 regarding holding of a portion of the export proceeds realized by banks in Special Exporters Accounts.

It has been decided that the amounts held in the Special Exporters' Accounts will be exempt from maintenance of the Statutory Cash Reserve/Statutory Liquidity Requirement. The banks wil1 show by way of a footnote the amounts held in their such accounts in their Weekly Statement of Position submitted to the State Bank of Pakistan under Sectionc 36(3) of the State Bank of Pakistan Act. 1956.

Please acknowledge receipt.



Yours faithfully,
Sd/-(Muhammad Javed)
Additional Director

       
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