All
Authorized Dealers in Foreign Exchange
Dear
Sirs,
FOREIGN
CURRENCY ACCOUNTS - FORWARD COVER FEE
Attention of the Authorized Dealers is invited to our Circular
Letter No.23/FEP.16(326)-99 dated August 09, 1999 on the
captioned subject. With a view to facilitate the banks in
the present declining interest rate scenario, it has been
decided to lower the rate of Forward Cover Fee on foreign
currency deposits eligible to obtain exchange risk coverage
from the State Bank. Accordingly, the revised fee for Forward
Cover on these deposits with effect from July 05, 2003 will
be as follows:
For
U.S. Dollars
|
4.00%
p.a |
Pound
Sterling |
1.50%
p.a |
Euro
|
3.00%
p.a |
J.
Yen |
5.00%
p.a |