In exercise of the powers conferred upon State Bank of Pakistan
under section 29 of the Banking Companies Ordinance, 1962
it has been decided that effective from May 19, 1999, every
banking company shall maintain in Pakistan in cash (excluding
Statutory Cash Reserves under section 36(1) of the State Bank
of Pakistan Act, 1956) gold or un encumbered 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 any less than 13 per cent of the its time and demand liabilities
in Pakistan.
2.
The above is in supersession of the existing instructions
on the subject, which had set the above ratio at 15 per cent.
3.
Other relevant instructions shall, however, remain unchanged.
Please acknowledge receipt.
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