Dear Sirs,

OPEN MARKET OPERATIONS (OMO’s)

Please refer to our SD Circular No.05 dated 31-08-1999, containing the schedule of Primary auctions and OMO’s.

In this context it is advised that effective from today, the 25th July 2001, OMO’s will be conducted as and when required by market conditions. The State Bank of Pakistan will, however, give prior intimation. Other terms and conditions on the subject will remain unchanged