The State Bank of Pakistan (SBP) said on Tuesday that foreign exchange exposure limit of authorised dealers would be based on their annual audited accounts.
With reference to FSCD Circular No 06 dated March 26, 2007, in terms of which aggregate foreign exchange exposure limit (FEEL) of authorised dealers was re-fixed for their foreign exchange operations, FSCD Circular No 02, of Tuesday said that to streamline the procedure for review of FEEL of all ADs on periodical basis/on their request, following modus operandi will be followed: FEEL of all ADs will be reviewed based on their Annual Audited Accounts as at 31st December each year, when such are available.
Change if any will be conveyed to the respective AD individually. The SBP said that request received from individual ADs during the year for their FEEL enhancement based on any material change in paid-up capital will be reviewed at quarter end ie March, June, and September, based on their audited accounts reported by them to SBP Banking Surveillance Department. Other instructions on the subject issued vide aforementioned Circular will remain unchanged.