The Chief Executives

All Exchange Companies &

Exchange Companies of ‘B’ Category

Dear Sirs/Madam,

Agreements by Exchange Companies / Exchange Companies of ‘B’ Category

It has been observed that some Exchange Companies are entering into agreements for business purposes with each other or with other out side parties without obtaining prior approval of the State Bank.

This practice has been viewed very seriously and it is, therefore, reminded/reiterated that the Exchange Companies of category A or B, whatever may be the case, can not enter into business related agreements with each other or with outside parties without obtaining prior approval/clearance in writing from State Bank of Pakistan.

All the Heads/Chief Executives of Exchange Companies of category A & B are advised to ensure compliance of the instructions meticulously.