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830302

STATE BANK OF PAKISTAN
EXCHANGE CONTROL DEPARTMENT, KARACHI

F.E. Circular No.25
2nd March, 1983

All Authorised Dealers in Foreign Exchange

Dear Sirs,
Authorised Dealers may please refer to F.E. Circular No. 18 dated the 12th February, 1983.

2. It has now been decided that with immediate effect the Authorised Dealers should pay interest on Foreign Currency Fixed/Term Deposits of 3 months, 6 months and 12 months at the rate not exceeding the minimum domestic rates fixed by Banking Control Department vide their Circular No. BCD-12 dated the 17th June, 1977.

3. It may please be noted that since interest in respect of all type of Foreign Currency Term Deposits is now payable at the rates not exceeding the minimum domestic rates prescribed vide B.C.D. Circular referred to above, the question of payment of subsidy on account of differential in interest rates in respect of the above Term Deposits does not arise.

Yours faithfully,

(A.H. HAKEEM)
Senior Deputy Director

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