in Foreign Exchange,
CREDIT OF US$ 50 MILLION TO IRAQ
of Authorized Dealers is invited to F.E.
Circular No.57 dated the 16th June, 1992.
The exporters have been representing to us that United Nations
Security Councils Committees clearance is issued
on the basis of letters of credit received from Iraq and
consequently it is not possible for them to produce this
document alongwith letter of credit while Authorized Dealers
said document. It has, therefore, been decided to permit
the Authorized Dealers to advise to the beneficiaries the
letters of credit received from the Iraqi buyers under Pakistans
credit of US$50 million even in the absence of clearance
from the United Nations Security Councils Committee.
However, shipments against such letters of credit will not
be made/documents will not be negotiated unless the beneficiaries
produce the clearance from State Bank of Pakistan as per
the procedure set out in F.E. Circular No.65 of 1989 which
will be issued on the basis of prescribed documents including
clearance from the United Nations Security Councils
All other terms and conditions laid down in our F.E. Circular
No.65 of 1989 as modified from time to time through F.E.
Circulars would apply to the exports to be made under this