The Chief Executives of all

Exchange Companies &

Exchange Companies of ‘B’ Category

Dear Sirs / Madam,

Realignment of Functions of Exchange Policy Department

Please refer to F.E. Circular No. 9 of 2002, F. E. Circular No. 6 of 2004, EPD Circular Letter No. 1 of 2004, EPD Circular Letter No. 9 of 2004, EPD Circular Letter No. 11 of 2006 and other instructions issued from time to time.

Pursuant to the realignment / restructuring of the State Bank of Pakistan, functions of Exchange Policy Department have been realigned with immediate effect with a view to regulate, supervise and monitor the affairs of the Exchange Companies (Category A & B) in more effective and efficient manner.

Therefore, Off-site Monitoring, Supervision, Compliance, Enforcement and related functions shall now be dealt by the Off-site Supervision & Enforcement Department (OSED) of the State Bank of Pakistan. Consequently, the matters related to annual Audited Accounts, Inspection Reports, Compliance Reports etc. shall be handled by OSED. Further, all Daily, Weekly & Monthly Reports currently being submitted to EPD shall now be submitted to OSED.

All other functions / matters and those cases not covered under existing rules and regulations shall continue to be dealt by the Exchange Policy Department.