Head Offices / Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear Sirs/ Madam,
Payments
Against Imports of POL Products
In
order to provide adequate liquidity to the interbank market
against rising prices of POL products in the International
Markets, it has been decided that with immediate effect
State Bank of Pakistan would make available funds to the
market from its resources to make payments in foreign currency
in settlement of import of POL products.
All
Authorized Dealers must, therefore, ensure that all such
payment commitments, from this day onwards and until further
notice, are advised to State Bank of Pakistan at least two
clear working days ahead of the value date along with details
of their nostro account to which credit in foreign currency
shall be provided against debit of equivalent rupees to
their account maintained with SBP, on the previous day’s
closing weighted average rate.
Please
ensure compliance of the above and bring the same to the
notice of all your constituents.