Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 16
May 18, 1999  

All Scheduled Banks

Dear Sirs,

Maintenance of Statutory Cash Reserve under
Section 36(1) of State Bank of Pakistan Act. 1956
(Reduction in reserve requirement from 5 percent to 3.5 percent)

In terms of the powers conferred under section 36(1) of the State Bank of Pakistan Act, 1956 it has been decided that effective from May 19, 1999, every scheduled bank shall maintain with State Bank a balance amount of which shall may at the close of business n any day be less than 3.5 percent of its demand and time liabilities in Pakistan.

2.   The above is in supersession of the existing instructions on the subject, whereby the above ratio was prescribed at 5 percent.

3.   Other relevant instructions shall, however, remain unchanged.

          Please acknowledge receipt.



Yours faithfully,
(Mansur-ur-Rehman Khan)
Director

       
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