Circulars/Notifications - Banking Surveillance Department  
 BSD Circular Letter No. 02 of 2009
January 27, 2009

The Presidents/Chief Executives
All Banks/DFls

Dear Sirs / Madam,

Revaluation Surplus / Deficit

Please refer to BSD Circular No. 10 dated July 13, 2004 and subsequent instructions on the captioned subject.

2. State Bank of Pakistan has been approached by Pakistan Banks’ Association as well as individual banks on the matters relating to determination and treatment of Revaluation Surplus/Deficit on listed equity investments, TFCs and Sukuks. It is clarified that Banks / DFIs may use market prices as prevailing on 31st December 2008, for the purpose of preparing Annual Financial Statements for the year ended 31st December, 2008. Furthermore, the Surplus/Deficit so determined will be reflected in the Profit & Loss Account / Balance Sheet of the bank/DFI in accordance with the existing instructions issued from time to time on the subject.

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

Please acknowledge receipt.


Yours sincerely,


(Lubna Farooq Malik)
Director

       
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