Please refer to FSCD Circular No. 09 dated June 10, 2009 and DMMD Circular No. 07 dated April 11, 2013, in terms of which aggregate Foreign Exchange Exposure Limit (FEEL) of Authorised Dealers (ADs) was set as 20% of their Paid-up Capital (free of losses) with a cap of PKR 3,500 million.

It has been decided that FEEL shall be assigned to the ADs up to 25% of their Paid-up Capital (free of losses), based on their share in FX market volumes, with maximum cap up to PKR 5,000 million. However, SBP reserves the right to assign reduced FEEL to any AD keeping in view its behavior in the FX market.

As per the above revised criteria, the FEEL of each Authorized Dealer will be advised separately based on its Paid-up-Capital (free of losses) position as of annual audited accounts and FX market volumes.

All other instructions on the subject shall remain unchanged.