Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 06
January 14, 1992 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

TRADE WITH THE REPUBLICS OF FORMER USSR

Consequent upon dismemberment of USSR, payment arrangement enumerated in para. 51(f) Chapter XIII 11 the Exchange Center Manual (6th Edition 1987) has become redundant. It has, therefore, been decided that instructions contained in the aforesaid para shall cease with immediate effect.

2. In order to. Facilitate payments between all the republics of the former USSR and Pakistan relating to importation and exportation of goods and charges incidental thereto, following procedure shall henceforth be followed:-

(I) Import of goods from a former USSR shall be made under the
normal Exchange Central regulations through letters of credit or
on consignment basis providing for payment in convertible
currency, and

(II) Expert of goods all the republic, of the former USSR shall be
made only against irrevocable letters of credit providing for
payment in convertible currency as stipulated in State Banks
Notification No,. FE.5/72-SB dated the 27th December,
1972.The letters of credit be opened by the buyers in the
republics of the former USSR shall, however, be advised. only
if the same are confirmed by a 1st Class Bank and
confirmation charges borne by the openers.

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

Yours faithfully
(MUHAMMAD ISHAQUE)
Senior Deputy Director
       
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