To

Primary Dealers

Dear Sirs/ Madam,

Non-Competitive Bids – Modus Operandi

Please refer to FSCD Circular No. 01 dated Jan 14, 2010 regarding the captioned subject

It has been observed that some Primary Dealers are not following the format/procedure prescribed for submission of Non-competitive bids to the State Bank of Pakistan. PD’s are therefore advised to ensure meticulous compliance of the following instructions while submitting their Non Competitive Bids:

1. All bids must invariably be addressed to the Director, Domestic Markets & Monetary Management Department, State Bank of Pakistan.
2. Keeping in view the confidentiality of the Bid document, the bids must only be faxed at the designated fax numbers which are 021- 99212476 & 99212477 (Dealing Room lines) and 021-99212416 Director, DMMD (Back-up line).

Any Non Competitive Bid not complying with the above instructions will be rejected without any prior notice. It is further clarified that the price of Non-Competitive Bids accepted at weighted average yield is rounded off to two decimal places.