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STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT, KARACHI

BSD Circular No. 3
22^nd January, 2002

All Banks

Dear Sirs,

FINANCING FACILITIES BY STATE BANK (REDUCTION IN REPO RATE)
(Reduction in Repo rate from 10% to 9%)

Please refer to BSD Circular No. 39 dated the 20^th October, 2001 through which the above rate has been reduced from 12% to 10% on annual basis.

2. It has been decided to further reduce the minimum rare of return to be paid by recipients of financing facilities from State Bank for meeting temporary liquidity shortages and SBP 3 day Repo facility. Accordingly, effective from 23^rd January 2002 the minimum rate of return to be paid by recipients of financing facilities from State Bank for meeting temporary liquidity shortages and SBP 3 – day Repo facility against Government of Pakistan Market Treasury Bills and Federal /Pakistan Investment Bonds has been reduced from 10% to 9% on annual basis.

3. Other relevant instructions on the subject shall, however, remain unchanged.

Please acknowledge receipt.

Yours faithfully,

Sd/-
(JAMEEL AHMAD)
Senior Joint Director

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