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030704
STATE BANK OF PAKISTAN FOREIGN EXCHANGE DEPARTMENT KARACHI
Circular Letter No. 13
July 04, 2003
All Authorized Dealers in Foreign Exchange
Dear Sirs,
FOREIGN CURRENCY ACCOUNTS - FORWARD COVER FEE
Attention of the Authorized Dealers is invited
to our Circular Letter No.23/FEP.16(326)-99 dated August 09, 1999 on the
captioned subject. With a view to facilitate the banks in the present declining
interest rate scenario, it has been decided to lower the rate of Forward Cover
Fee on foreign currency deposits eligible to obtain exchange risk coverage from
the State Bank. Accordingly, the revised fee for Forward Cover on these deposits
with effect from July 05, 2003 will be as follows:
For U.S. Dollars
4.00% p.a
Pound Sterling
1.50% p.a
Euro
3.00% p.a
J. Yen
5.00% p.a
Yours faithfully,
(M.R. MEHKARI)
Director
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