The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

REVISION OF SELECTED CHAPTERS OF THE FOREIGN EXCHANGE MANUAL

As Authorized Dealers are aware, the State Bank is in the process of revising the Foreign Exchange Manual in consultation with different stakeholders including Authorized Dealers in the phased manner.

2. In this regard, initially the following chapters of the Manual stand revised:

Chapter 1: Introductory.

Chapter 2: Authorized Dealers.

Chapter 3: Restricted Authorization to deal in Foreign Exchange.

Chapter 4: Forward Exchange Facilities.

Chapter 5: Nostro Accounts & Foreign Exchange Exposure Limits of Authorized Dealers.

Chapter 7: Non-Resident Rupee Accounts of Authorized Dealers’ Overseas Branches, Foreign Correspondents and Non-Resident Exchange Companies.

Chapter 19: Loans, Overdrafts and Guarantees.

3. It may be noted that previous Chapter 3 has been merged with the revised Chapter 2 and a new Chapter 3, as indicated above, has been created.
4. The relevant chapters of the Foreign Exchange Manual are being replaced with the revised chapters at the State Bank’s website which are available at the link: https://www.sbp.org.pk/laws-regulations/foreign-exchange-manual.
5. Authorized Dealers are advised to bring the above development to the notice of all their constituents for meticulous compliance.