STATE BANK OF PAKISTAN - BANKING POLICY DEPARTMENT

EPD Circular Letter No. 12/ Policy– 2004
November 01, 2004 

Head Offices / Principal Offices of all
Authorized Dealers in Foreign Exchange

Dear Sirs/ Madam,

Payments Against Imports of POL Products

In order to provide adequate liquidity to the interbank market against rising prices of POL products in the International Markets, it has been decided that with immediate effect State Bank of Pakistan would make available funds to the market from its resources to make payments in foreign currency in settlement of import of POL products.

All Authorized Dealers must, therefore, ensure that all such payment commitments, from this day onwards and until further notice, are advised to State Bank of Pakistan at least two clear working days ahead of the value date along with details of their nostro account to which credit in foreign currency shall be provided against debit of equivalent rupees to their account maintained with SBP, on the previous day’s closing weighted average rate.
Please ensure compliance of the above and bring the same to the notice of all your constituents.