The Head Offices/Principal Offices of all
Authorised Dealers in Foreign Exchange

Dear Sirs,

OPENING OF LOCAL CURRENCY
ACCOUNT/FOREIGN CURRENCY ACCOUNT

Attention of Authorised Dealers is invited to the instances where the banks are refusing to open local/foreign currency account of an Exchange Company

In this context, it is clarified that the Exchange Companies have been formed under an Ordinance and have been licensed by State Bank of Pakistan for carrying out their business in terms of the Rules & Regulations mentioned in FE Circular No. 9 dated the 30th July, 2002. Therefore, the banks should facilitate them in opening their local and foreign currency accounts after fulfilling necessary requirement/formalities

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