The Presidents/Chief Executives of

All Schedule Banks/DFIs/Investment Banks

Listed Brokerage Houses

Dear Sirs/Madams,

CHANGE IN RULES GOVERNING PRIMARY DEALER SYSTEM

Please refer to DMMD Circular no. 26 dated November 15, 2019, in which holding limit on a particular issue with days to maturity greater than 1-year have been specified for Primary Dealers(PDs) and Non-PDs.

It has been decided that holding limit specified in above circular shall not be applicable on Floating Rate Pakistan Investment Bonds.

The above instructions will be effective immediately. All other instructions on the subject will remain unchanged.