Circulars/Notifications - Treasury Operations Department  

 TOD Circular No. 02 of 2019
December 13, 2019

The Presidents/ Chief Executives
All Banks


Dear All,

Settlement of PKR Forward Maturities

As per existing practice, the PKR maturities in respect of forward leg of FX interbank contracts (PKR forward maturities) are settled on End-of-Day (EOD) basis. Apart from not being in line with international best practice, the EOD basis also carries associated risk of unjustified intraday float.

2. In view of above, it has been decided that PKR forward maturities would be settled on Start-of-Day (SOD) basis effective December 23, 2019 and onwards.

3. The banks shall ensure sufficient liquidity in their respective PKR accounts maintained with SBPBSC-Karachi Office on the settlement date of PKR forward maturities in order to avoid intraday liquidity shortages.

4. In case of any queries, please contact us at 021-3311-5854/5861 and our group email ID <[email protected]>.

5. Please acknowledge receipt.

Yours sincerely,

(Syed Ali Raza)
Additional Director

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