It
may be recalled that in terms of the instructions notified
vide BPRD Circular No. 16 dated the 18th May,
1999 and BPRD Circular Letter No. 20 dated the 20th
May, 1999, weekly reserve requirements were reduced from 5.0
per cent to 3.5 per cent of the demand and time liabilities,
subject to daily minimum of 2.5 per cent.
2. In supersession of
the above instructions, and in terms of the powers conferred
under Section 36(1) of the State of Pakistan Act, 1956 it
has been decided o revert back to the requirements operative
before May 19, 1999 and, accordingly, effective from 12th
July, 1999, every scheduled bank shall maintain with State
Bank an average weekly balance equivalent to 5.0 per cent
of its demand and time liabilities in Pakistan, subject to
the conditions that daily balance will be, as a minimum, 4.0
per cent of the demand and time liabilities.
3.
Other relevant instructions shall, however, remain unchanged
Please acknowledge receipt.
|