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STATE BANK OF PAKISTAN EXCHANGE POLICY DEPARTMENT KARACHI
F.E. Circular No. 15
October
17, 2002
Head
Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear
Sirs
SPREAD ALLOWED TO BANKS BETWEEN BUYING AND SELLING RATES
In terms of Para 1 of
Chapter III of FE Manulal-2002, general permission has been given to Authorised
Dealers to determine their own rates of exchange, both for ready and forward
transactions for the public, subject to the condition that the margin between
the buying and selling rates should not exceed fifty paisa per US dollar or its
equivalent in other currencies.
It
has now been decided to bring down this margin between the buying and
selling rates to twenty paisa per US dollar to match it with the
existing inter-bank market conditions. Accordingly, para 1 Chapter III of FE
Manual-2002 is amended as under:-
“AUTHORISED RATES OF FOREIGN EXCHANGE
Section 4 (2) of the Act lays down that, except with the general or
special permission of the State Bank, all transactions in foreign exchange
shall be carried out at rates authorised by the State Bank. A general
permission has been given to Authorised Dealers to determine their own rates
of exchange, both for ready and forward transactions for the public, subject
to the condition that the margin between the buying and selling rates should
not exceed twenty paisa per US dollar or its equivalent in other currencies.
This condition does not apply to inter-bank transactions.”
Yours
faithfully,
(Syed Samar Hasnain)
Joint Director
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