The Head/Principal Offices of

All Authorized Dealers

In Foreign Exchange

Dear Sirs/Madams,

RATE OF REMUNERATION ON SPECIAL CASH RESERVE ACCOUNT

MAINTAINED WITH SBP AGAINST DEPOSITS RAISED UNDER FE-CIRCULAR 25 OF 1998

Please refer to EDMD Circular Letter No. 02 dated November 30, 2004 whereby method for determination of the rate of remuneration on Special Cash Reserve Account (US$) maintained with SBP against deposits mobilized under FE-Circular No.25 of 1998 was prescribed.

On discontinuation of US Dollar LIBOR, it has been decided that from the month of August 2023, the rate of remuneration on Special Cash Reserve Account (US$) shall be calculated as CME 1-month Term Secured Overnight Financing Rate (SOFR) published on the last working day of the previous month minus 1% service charges.