Interbank foreign exchange swaps cut-off time extended

The State Bank of Pakistan (SBP) has extended the cut-off time for foreign exchange swaps in the interbank market up to 4:30 pm from Monday to Friday and up to 1:00 pm on Saturday.
The SBP has taken this step to facilitate authorised dealers to better manage their cash flows. The extended timings would be applicable only to normal interbank foreign exchange swaps involving two simultaneous transactions with the same authorised dealer and exclude any structured foreign exchange swaps ie two outright transactions with different authorised dealers. The extension would be effective from January 2, 2006.