Circulars/Notifications - Banking Surveillance Department  
 BSD Circular No. 14 of 2008
June 21, 2008

The Presidents/Chief Executive Officers
All Banks / DFIs

Dear Sirs/Madam,

Cash Reserve Requirements for Deposits raised under F.E. Circular 25 of 1998


Please refer to the BSD Circular No. 09 dated December 03, 2007 regarding temporary reduction of Special Cash Reserve Requirement (SCRR) against FE-25 deposits.

2. It has been decided to raise SCRR against FE-25 deposits to its original rate with effect from June 30, 2008. Accordingly, the banks / DFIs are required to maintain Cash Reserves in US$ equivalent of their total FE-25 deposits on daily basis with State Bank of Pakistan (SBP) in the following manner:-

a) 5% Cash Reserve Account (US$)
b) 15% Special Cash Reserve Account (US$)

3. All other instructions on the subject shall, however, remain the same.

Please acknowledge receipt.


Yours faithfully,

Sd/--

(Irfan Ismail)
Senior Joint Director

       
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