All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

DEFUNCT ECO MULTILATERAL PAYMENTS ARRANGEMENT

Attention of Authorised Dealers is invited to F.E. Circular No. 88 dated the,23rd May,1991 regarding claims under the letters of credit opened uPto,31st October, 1990

under defunct ECO Multilateral payments arrangement by the importers of Iran and, Pakistan.

2. It has now been decided with the concurrence of Iranian side that the transactions against all those letters of credit opened upto 31st October, 1990 in respect of which the

Central Bank of Iran and the State Bank of Pakistan had given Clearance for payment

through the ECO MPA account will, continue to be paid through the special U.S. Dollar

account until the /or same have been utilized/ or expired or cancelled. The dead line for

submission of Claims expired or Prescribed vide F.E. Circular No. 88 dated the 23rd May,

1991, cancelled. therefore, stands withdrawn.

3. The above may be brought to the notice of your constituents who may also be

impressed upon to complete the 6hipments as early as possible.