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 FE Circular No. 02 dated 15th January 2009 in terms of which SBP instructed banks to make all purchases of foreign exchange related to the import of Furnace Oil and remittances which were made on “Form M” against which specific approvals are granted by the Exchange Policy Department.

It has now been decided that with effect from 1st August, 2009, in addition to the above, all purchases of foreign exchange related to import of Diesel and other refined products shall be made by the banks from the interbank market.

State Bank will, however, continue to provide foreign exchange to the banks for import of Crude Oil only.

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