The Head/ Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

ACU transactions in accordance with the ACU mechanism

Attention of the Authorized Dealers (ADs) is invited to the para 38 (v) of Chapter XIII of the Foreign Exchange Manual (8th edition 2002).

It has been observed that during the course of ACU transactions, Commercial Banks face difficulty in maintaining an efficient and prompt operational relationship with correspondent banks due to the following reasons:

1. Banks have experienced reconciliation problems due to poor quality of services provided by some correspondent banks in member countries. Banks do not receive bank statements regularly from their correspondent banks. Some banks take months to issue bank statements. All required details are not available in the bank statements.
2. Some correspondent banks do not answer promptly to the queries made by local commercial banks to resolve settlement problems;
3. No compensation is paid for the delayed payments even if the delays are due to lapses of the correspondent banks.
   In order to tackle such difficulties and ensure an efficient and prompt operational relationship with correspondent banks in ACU countries, Authorized Dealers are advised to ensure the following course of action:-

4. Improve services of the banks and act promptly to any queries raised by their counterparties in ACU countries.
5. Issue ACU Dollar account statements as and when a transaction occurs and on a monthly basis.
   Further, Authorized Dealers may note that in case of any difficulty/clarification relating to the payments under ACU mechanism, the following officer of Exchange Policy Department may be contacted:
   
   Mr. Muhammad Akmal, Joint Director, Exchange Policy Department, SBP, Karachi.

Tel No: 92-21-2453952

Fax No:92-21-9212527

Email: [email protected]
Please bring the same to the notice of all your constituents.