Authorized Dealers in
CREDIT OF US$ 50 MILLION TO IRAQ
of Authorized Dealers is invited to F.E. Circular No.65
dated the 1st November, 1989 as amended from
time to time.
Due to outbreak of Gulf war in 1990, exports to Iraq had
been suspended. It has now been decided to permit exports
to Iraq under Pakistans credit of US$ 50 million subject
to the following terms and conditions:-
made against letters of credit opened by the Iraqi buyers
on or after the date of issue of this circular will
qualify for financing under the above credit.
of only those items will be permissible which are covered
by the list of items eligible for being financed under
this credit as circulated from time to time through
F.E. Circulars. This is further subject to the condition
that exporters would through their bankers
produce necessary "No Objection" from the
United Nations Security Councils Committee while
applying to the State Bank of Pakistan for obtaining
clearance in respect of the relative letter of credit.
must be opened by the Iraqi buyers up to 31st
October,1992 & shipments is completed by 30th
other terms and conditions laid down in F.E. Circular
No.65 of 1989 would apply to the exports to be made
hereafter in terms of this F.E. Circular.
We are also examining in consultation with the Central Bank
of Iraq possibility of financing under this credit the exports
of eligible items to be made against letters of credit which
were opened by the Iraqi buyers under Pakistans Credit
of US$ 50 million to Iraq before the outbreak of Gulf War
where against shipments could not be made provided exporters
have obtained necessary "No Objection" form the
United Nations Security Councils Committee. To this
end, Authorized Dealers are requested to immediately furnish
to us necessary details in the following format:-
Address of Iraqi Buyers.
Address Of Pakistani Exporters
of L/C .
Advising Bank in Pakistan
Outstanding Amount of L/C.
Please bring the above to the notice of your constituents.