Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 64
July 14, 1992 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

PAKISTAN’S CREDIT OF US$ 50 MILLION TO IRAQ

Attention of Authorized Dealers is invited to F.E. Circular No.57 dated the 16th June, 1992.

2. The exporters have been representing to us that United Nations Security Council’s Committee’s clearance is issued on the basis of letters of credit received from Iraq and consequently it is not possible for them to produce this document alongwith letter of credit while Authorized Dealers said document. It has, therefore, been decided to permit the Authorized Dealers to advise to the beneficiaries the letters of credit received from the Iraqi buyers under Pakistan’s credit of US$50 million even in the absence of clearance from the United Nations Security Council’s Committee. However, shipments against such letters of credit will not be made/documents will not be negotiated unless the beneficiaries produce the clearance from State Bank of Pakistan as per the procedure set out in F.E. Circular No.65 of 1989 which will be issued on the basis of prescribed documents including clearance from the United Nation’s Security Council’s Committee.

3. All other terms and conditions laid down in our F.E. Circular No.65 of 1989 as modified from time to time through F.E. Circulars would apply to the exports to be made under this Credit.

 

       
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