All Authorised Dealers

In Foreign Exchange

Dear Sirs,

RATE OF REMUNERATION ON CASH RESERVE REQUIREMENT FOR DEPOSITS RAISED UNDER

FE-CIRCULAR 25 OF 1998.

Please refer to Para 03 of BSD Circular No. 18 dated 31st March 2001 on the captioned subject.

It is notified that the rate of remuneration for the month of January, 2007 on Special Cash Reserve Account (US$) maintained with the State Bank of Pakistan would be 4.32%.