Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 15
June 22, 1999 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

FORWARD TRANSACTIONS WITH CUSTOMERS

In partial modification of instructions issued vide sub para (ii) of para 7 of F.E Circular No.8 of 1999 Authorised Dealers are advised that they should not enter into forward transactions with customers for a tenor of less than one month. Further, one month forward transactions with customers will be for fixed maturity, in case payment is made / received within one month, spot selling / buying rate will be applied and the relevant contract will be closed out at the maturity date.

Furthermore, Authorised Dealers are prohibited from buying and selling Foreign exchange from / to other Authorised Dealers unless such purchase / sale is backed by permissible transaction with their customers. Accordingly paragraph 9, chapter V of Foreign Exchange Manual, as revised vide para 6 of F.E Circular No. 8 of 1999 is amended with immediate effect to read as under:

" Authorised Dealers may freely buy and sell Foreign currencies from and to other Authorised Dealers in Pakistan provided such purchased / sales are backed by permissible transactions with their customers. "



       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
Feedback
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.