The Head/ Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sirs/ Madam,

Payment Against Import of POL Products

Attention of the Authorized Dealers is invited to Para-3 of FE Circular No. 8 of July 08, 2008 in terms of which SBP had decided to provide foreign exchange to the Authorized Dealers for payment against import of all POL products. It has now been decided that with effect from February 02, 2009:

1. All purchases of foreign exchange related to the import of Furnace Oil will be made by the banks from the interbank market.
2. All POL related foreign exchange purchases which are made on specific Form ‘M’ against approvals issued by the Exchange Policy Department will be made by the banks from the interbank market.
3. State Bank will continue to provide foreign exchange to the banks for import of all POL products other than those specified under point (1) & (2) above.

Authorized Dealers are advised to bring the above to the notice of their constituents