In Foreign Exchange,
CREDIT OF US$ 50 MILLION TO IRAQ
to F.E. Circular No. 35 dated the 31st
March, 1994 on the captioned subject.
have been received whether shipments under this Credit can
be made upto the 30th September, 1994 even if
the United Nations Sanction Committees clearance
expires before the said dated. It is clarified that no shipment
can be made after the date of expiry of United Nations Sanction
Committees clearance, and State Bank of Pakistan will
not make any payment if shipments are effected after the
expiry of U.N. Clearance. It should be noted that in cases
where the exporters fail to ship the goods within the validity
of the U.N. clearance, the clearance issued by State Bank
of Pakistan shall be deemed to have been cancelled.
3. Please bring
the above to the notice of your constituents.