To

All Banks/Primary Dealers

Dear Sirs / Madam,

PLACEMENT OF BIDS IN OPEN MARKET OPERATIONS

Please refer to SBP’s instructions regarding the conduct of Open Market Operations. In order to further streamline the process of placement of bids in OMO’s, SBP has decided to introduce following measures:

1. Banks participating in the OMO can also submit their bids through the REUTERS Dealing system. SBP’s REUTERS Dealing code for this purpose would be “SBPD”.
2. The present procedure of accepting the bids via fax would continue. However, SBP will not accept any bid on Telephone.
3. Banks are advised to strictly observe the cut-off time for submission of bids in the OMO. They are reminded that any bid submitted after the cut-off time will not be entertained by SBP.
4. All other instructions on the subject would remain the same.