All
Authorized Dealers
in Foreign Exchange,
Dear
Sirs,
EXCHANGE
RATE AND PAYMENT OF CASH SUBSIDY
Effective
27th June, 1998 State Bank of Pakistan will undertake purchase
and sale of U.S. $ from to the Authorised Dealers at the
following rates.
Buyer
per US $ |
Selling
per US $ |
Rs.
46.0000 |
Rs.
46.4600 |
2.
As a consequence of the above, the instructions issued vide
F.E. Circulars Nos. 12, 17, 25, 26
and 27 of 1998 for payment of cash
subsidy by the State Bank of Pakistan are withdrawn with
immediate effect.
3.
Authorised Dealers may, however, lodge claims for reimbursement
of the cash subsidy paid by them to their clients upto the
26th June, 1998 in terms of the F.E. Circulars mentioned
in the preceding paragraph with the area offices of the
State Bank of Pakistan. It should, however, be noted that
no cash subsidy is available on the export bills negotiated
/ purchased / discounted by the Authorised Dealers before
the 24th June, 1998.
4.
The conversion of various currencies into Pakistan rupees
for the purpose of transfer of funds from Foreign currency
accounts to 'National Self Reliance Fund' in terms of F.E.
Circular No. 19 of 1998 will henceforth be made at the
Authorised Dealerss T.T. Clean buying rate obtaining
on the date of transaction.
5.
Other instructions issued vide our above mentioned F.E.
Circulars will, however, remain unchanged.