The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

Retention period of Export Proceeds with Authorized Dealers upon Realization

1. Attention of Authorized Dealers (ADs) is invited to Para 7, Chapter 12 of Foreign Exchange (FE) Manual, which sets out the instructions relating to the above subject.
2. In terms of the existing instructions, the ADs are required to purchase the export proceeds from the exporters at least at the buying rate of the weighted average customer exchange rate, in cases where the same are not converted into PKR within the retention period. It has now been decided that the ADs shall purchase such export proceeds at the close of the retention period at the prevailing market exchange rate.
3. Authorized Dealers are advised to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance of the above instructions.