Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 8
February 23, 1999  

All Banks

Dear Sirs,

MINIMUM MARGIN RESTRICTIONS ON IMPORT LETTERS OF CREDIT

 

Please refer to BPRD Circular No. 5 dated the 24th January, 1999 on the captioned subject.

            In exercise of powers vested in the State Bank o f Pakistan under Banking companies Ordinance, 1962 and in supersession of all previous instructions on the subject, it has been decided to withdraw the requirement of minimum cash margin on opening of import letters of credit with effect from February 24, 1999.

    Please acknowledge receipt.



Yours faithfully,
(Liaqat Durrani)
Additional Director

       
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