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020221

STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT KARACHI.

BSD Circular No.10
February 21, 2002

All Banks
Dear Sirs,

PRUDENTIAL REGULATION - XXIV MAINTENANCE OF ASSETS IN PAKISTAN

Please refer to BSD Circular No 20 dated 29th May, 1999 on the captioned subject.

2. In exercise of powers vested under Section 30 of the Banking Companies Ordinance, 1962, it has been decided to give more space to the banks to get advantage of removal of nostro limits, that every bank, effective from 2nd March, 2002, shall maintain in Pakistan not less than 80% (as against the present ratio of 85%) of the assets created by it against such time and demand liabilities as specified in Part-A of Form-X (prescribed under Rule 17 of the Banking Companies Rules, 1963). Accordingly, assets held abroad by any bank shall not, at any point in time, exceed 20% of its time and demand liabilities specified in the said Form-X. All other assets financed from sources other than time and demand liabilities specified in the said Form-X shall be held within Pakistan.

3. Other instructions on the subject will remain the same.

Please acknowledge receipt.

Yours faithfully,

-Sd-
( KAZI ABDUL MUKTADIR)
 Director

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