Please
refer to BSD Circular No 18 dated 31st March, 2001
on the captioned subject.
2)
On the queries raised by various banks with regard
to the aforesaid circular, it is clarified that for the purpose
of calculating the balance in 5% Cash Reserve Account-CRA
(US$) and 20% Special Cash Reserve Account-SCRA (US$), the
amount of FE-25 deposits at the close of business on every
Saturday (and if Saturday is a holiday, on the previous working
day) shall be taken into account. The FE-25 deposits so calculated
would be applicable w.e.f. the next working day i.e. Monday
and will be treated constant upto Sunday. For example if any
bank/NBFI has FE-25 deposits of US$ 100 million on 23.06.2001
(Saturday) then the bank/NBFI would be required to maintain
a minimum balance in CRA of not less than US$ 5 million and
in SCRA of not less than US$ 20 million on daily basis during
the period from 25.06.2001 (Monday) to 01.07.2001 (Sunday).
3)
Further, it has been observed that some of the scheduled
banks are not correctly reporting the amount of FE-25 deposits
and cash reserves maintained thereagainst in their Weekly
Statement of Position. All banks are, therefore, advised to
ensure that FE-25 deposits held by them are included in the
Demand Deposits (General) – (Code 01-01) and
/ or Time
Deposits (General) – (Code 02-01), as the case may be, on
the liability side in their Weekly Statement of Position and
details thereof will be provided in the foot note against
Code 80-03 as advised earlier vide above referred Circular.
The amount of FE-25 deposits in foreign currency against Code
80-03(ii) will be shown upto three decimal points after a
million. Furthermore, the US$ cash reserves maintained with
SBP are to be included
in the head “ Balance with State Bank of Pakistan”
under Code 12-01, of Weekly Statement of Position, however,
the details thereof will be provided in the foot note against
code 53-03 titled “Placement with SBP/FCY Cash Reserves maintained
against FE-25 deposits”.
Please acknowledge receipt.
|