All Banks/ DFIs/Investment Banks &
Brokerage Houses

Dear Sir/Madam,

Cut-off Time for Settlement of Inter-Bank Deals

Please refer to EDMD Circular No. 2 dated February 14, 2006 regarding the captioned subject.

2. In an effort to further facilitate the Inter-Bank market and streamline settlement at SBP, BSC, (Bank) Karachi, it has been decided to extend the Inter-Bank settlement timings at SBP BSC (Bank) Karachi as under:

Monday-Friday 3:30 pm
Saturday 1:30 pm

3. The new settlement timings will be effective from Nov 01, 2007. All Inter-Bank market participants are therefore instructed to meticulously observe the new extended settlement timings without any exception. Any violation to the same would be viewed seriously by the State bank of Pakistan with appropriate action as deemed necessary.
4. Other instructions on the subject shall remain unchanged.