All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
EURO
With
advent of the Euro, Authorised Dealers may open accounts
in Euro with their correspondents abroad subject to submission
of a report to the State Bank vide F.E
Circular No. 20 of 1997. They may also handle
export / import documents and other inward/ outward remittances
denominated in Euro. They can also accept Euro deposits
under F.E Circular No.
25 of 1998. The Authorised Dealers will determine
their own rates of exchange in Euro both ready and forward
on the basis of the dollar versus Pak rupee rate and the
dollar versus Euro rate. The Authorised Dealers will report
Euro transaction in S-1 statement and they will also submit
information in respect of the balance held in their Euro
accounts in the statement prescribed at page
5, Appendix V.