000708

BSD Circular Letter No. 20
July 8, 2000

All Scheduled Banks,

Dear Sirs,

Please refer to BPRD Circular No, 13 read with BPRD Circular letter No. 35 dated April 9, 1999 and August 5, 1999 respectively on the captioned subject.

It has been decided that foreign banks operating in Pakistan may be permitted to undertake Financial and Advisory Services if their parent company is incorporated in one of the countries where banking supervision & regulation is of a standard acceptable to SBP. Accordingly banks eligible are advised to approach SBP for obtaining necessary prior clearance for undertaking Financial & Advisory services.

Other instructions on the subject shall, however, remain unchanged.
Please acknowledge receipt.

Yours faithfully,

(Muhammad Kamran Shehzad)
Joint Director