Dear Sirs / Madam,

CASH RESERVE REQUIREMENTS FOR DEPOSITS RAISED UNDER FE CIRCULAR 25 OF 1998

Please refer to BSD Circular Letter No. 15 dated July 13, 2001on the captioned subject.

2) It is clarified that if New York Federal Reserve Bank is closed on Monday and onwards, balances in Cash Reserve Account (CRA) and Special Cash Reserve Account (SCRA) as of next working day will be used for the closed days also. However, if SBP Karachi is closed on Monday and onwards, SWIFT instructions value dated Monday or onwards could be submitted along with other returns on the next working day to SBP for its record.

3) All other instructions on the subject remain unchanged.

Please acknowledge receipt.