Please refer to DMMD Circular No.1 dated 15th August 2009 and Circular No. 2 dated 29th September, 2010. Following changes are announced with reference to these circulars:

1. The SBP Overnight Reverse-Repo (Ceiling) rate has been increased from 13.50% to 14.00% p.a.

2. The SBP Overnight Repo facility will be available at 11.00% p.a. This will serve as the ‘Floor’ for the Interest Rate corridor as announced by the above referenced circular.

3. Hence, the Floor and Ceiling levels for the interest rate corridor are 11.00% and 14.00% p.a. respectively (i.e. width of 300 bps).

4. Above changes are effective from 30th November 2010.

5. Other instructions on the subject shall, however, remain unchanged.

Please acknowledge receipt.