All Authorized Dealers
in Foreign Exchange.

Dear Sirs,

TRADE EMBARGO WITH SERBIA & MONTENEGRO

Attention of Authorized Dealers is invited to the instances where the banks in Pakistan are reported to have shown reluctance in accepting the L/Cs. Bank Guarantees etc. emanating from the banks in former Yugoslavia and its component republics i.e. Serbia and Montenegro which had been under the sanctions of the UN Security Council.

2. In this context, it may please be noted that the trade restrictions etc. observed in view of the various UN sanctions had effectively come to an end with the passage of a Resolution 1367(2001) on 10th September, 2001 in UN Security Council. Consequently, with the adoption of this Resolution, the instructions envisaged in our F.E. Circulars Nos. 61 & 32 dated the 25th June, 1992 & 29th April,1993, respectively, administering trade embargo in respect of Serbia & Montenegro, have ceased to exist.

3. Accordingly, the Authorized Dealers are advised to make suitable arrangements to develop banking relationship with the banks in the Federal Republic of Yugoslavia consisting of Serbia & Montenegro, and also to take appropriate measures to facilitate foreign trade with the traders/businessmen in these countries.

4. Please bring the above to the notice of your constituents.