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.
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