The Chief Executives

All Banks / DFIs

Dear Sirs / Madam,

Guidelines on Commercial Paper

In order to facilitate the development and growth of Commercial Paper (CP) in Pakistan and to encourage active participation of banks/DFIs in this area, SBP has formulated certain guidelines, which may be followed in letter and spirit. The enclosed guidelines have been framed in consultation with all stakeholders and are expected to facilitate the development of CP’s primary and secondary markets in Pakistan. The State Bank will continue to monitor the conditions in the market and may review these guidelines, as and when considered necessary.

Please acknowledge receipt.

Enclosures