BPRD Circular No. 15 June 21, 1998: All Banks, Dear Sirs

BPRD Circular No.
15 June 21, 1998
All Banks,
Dear Sirs,
CASH RESERVE OF SCHEDULED BANKS WITH STATE BANK OF PAKISTAN UNDER

SECTION 36 (1) OF SBP ACT, 1956.

Please refer to BPRD Circular No. 25 dated 26th July, 1997 on the captioned subject.
2. In terms of the powers conferred under Section 36(1) of the State Bank of Pakistan Act, 1956, the
present system of maintaining cash reserves on an average basis has been suspended. Effective from
June 22, 1998 and till August 31, 1998, every scheduled bank shall maintain with State Bank a balance
amount of which not at close of business on any day be less than 3.75 per cent if demand and time
liabilities of foreign currency in Pakistan and 5.0 per cent of demand and time liabilities of foreign
currency in Pakistan.
3. Please acknowledge receipt.
Yours faithfully,
Sd/-
(Mansur-ur-Rehman Khan)
Director
BPRD Circular No. 16 June 21, 1998
All Banks,
Dear Sirs,
MAINTENANCE OF LIQUID ASSETS IN PAKISTAN UNDER SECTION 29 OF BCO, 1962.

Please refer to BPRD Circular No. 43 dated the 27th December, 1997 an
captioned subject.
2. In exercise of the powers conferred upon State Bank Of Pakistan under Section 29 of the Banking
Companies Ordinance, 1962, it has been decided to reduce the liquidity ratio, excluding stationary cash
reserve, by 3 percentage points to 15 per cent effective from 22nd June, 1998. According, as from the
said date every banking company shall maintain in Pakistan in cash (excluding Stationary cash Reserve
maintained under Section 36(1) of State Bank Of Pakistan Act, 1956)gold or unencumbered approved
securities to be valued in a manner as provided for under the said section an amount which shall not at
the close of business on any day be less than 15 percent of the total of its time and demand liabilities in
Pakistan.
Yours faithfully,
Director
BPRD Circular No. 28 July 28, 1998
All Banks/NBFIs
Dear Sirs,
MAINTENANCE OF LIQUIDITY BY NBFIS.

Kindly refer to Rule 6 of the Rules of Business for NBFIs as modified from time to time.
2. In terms of the above Rule ,the NBFIs can maintain liquidity interalia, by way of investing in listed
debt securities provided the companies selected have a stable debt security value above the par value
duril1g the one year period immediately proceeding the date of maki11g investment. With regard to the
foregoing, it has since been decided that the listed debt securities whose market value show fluctuation
of upto 10% of their par value will also be eligible for the purpose of maintaining liquidity Under the said
Rule.
3.Other instructions on the subject will remain unchanged.
Yours faithfully,
Sd/-(Muhammad Javed)
Additional Director
BPRD Circular No. 33 August 26, 1998
All Banks/NBFIs,
Dear Sirs,
CASH RESERVE OF SCHEDULED BANKS WITH STATE BANK

OF PAKISTAN UNDER SECTION 36(1) OF SBP ACT 1956.
With reference to BPRD Circular No.15 dated the 21st June, 1998 on the above subject it is advised that
stipulated period of maintaining separate cash reserve against foreign currency and rupee time and
demand liabilities will expire on 31st August, 1998. consequently, effective from Saturday the 5th
September, 1998 convey scheduled bank shall revert back to previous system of maintaining cash
reserve on weekly basis in accordance with the instruction contained in BPRD circular No.25 dated the
26th July, 1997. read with BPRD Circular No. 25 dated the 26th July, 1997. it is however clarified that a
week will commence from Saturday is Holiday from previous working day.) and the and the time and
demand liabilities as of that Saturday (or as of the proceeding working day as the case may be) shall
continue to be taken into account.
Please acknowledge receipt

Yours faithfully,
Sd/-(MANSUR-UR-REHMAN
KHAN)
Director
BPRD Circular No. 16 May 18, 1999
All Scheduled Banks
Dear Sirs,
Maintenance of Statutory Cash Reserve under

Section 36(1) of State Bank of Pakistan Act. 1956
(Reduction in reserve requirement from 5 percent to 3.5 percent)
In terms of the powers conferred under section 36(1) of the State Bank of Pakistan Act, 1956 it has
been decided that effective from May 19, 1999, every scheduled bank shall maintain with State Bank a
balance amount of which shall may at the close of business n any day be less than 3.5 percent of its
demand and time liabilities in Pakistan.
2. The above is in supersession of the existing instructions on the subject, whereby the above ratio was
prescribed at 5 percent.
3. Other relevant instructions shall, however, remain unchanged.
Please acknowledge receipt.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,
Maintenance of Liquid Assets in Pakistan

(Reduction in liquidity ratio from 15% 13%)
In exercise of the powers conferred upon State Bank of Pakistan under section 29 of the Banking
Companies Ordinance, 1962 it has been decided that effective from May 19, 1999, every banking
company shall maintain in Pakistan in cash (excluding Statutory Cash Reserves under section 36(1) of
the State Bank of Pakistan Act, 1956) gold or un encumbered approved securities to be valued in a
manner as provided for under the said section an amount which shall not at the close of business on any
day any less than 13 per cent of the its time and demand liabilities in Pakistan.
2. The above is in supersession of the existing instructions on the subject, which had set the above
ratio at 15 per cent.
Yours faithfully,
Director
Chief Executives of all NBFIs
Dear Sirs,
Rules of Business for NBFIs- Rule 6- Maintenance of Liquidity

(Restoration of the requirements in place prior to May 26, 1999)

It may be recalled that in terms of the instructions notified vide BPRD Circular No. 19 dated the 26 th
May, 1999, liquidity requirement for NBFIs was reduced from 14% to 12%.
2) In supersession of the above instructions it has been decided to revert back to the requirements
operative before May 26, 1999 and, accordingly, effective from 12th July, 1999, every NBFI shall
maintain liquidity ratio of 14% in the prescribed manner. The NBFIs will, however, continue to maintain
with the State Bank of Pakistan a cash reserve of 1% of the specified liabilities, as at present.
3) Other relevant instructions shall, however, remain uncharged.
Yours faithfully,
Director
All Chief Executives,

All NBFIs
Dear Sirs,
RULES OF BUSINESS FOR NBFIs-

MAINTENANCE OF LIQUIDITY
(REDUCTION IN LIQUIDITY RATIO)
Kindly refer to Rule 6 of the NBFIs Rules as modified from time to time.
It has been decided to reduce from 14% to 12% the liquidity ratio of NBFIs with effect from May 26,
1999. The NBFIs will, however, continue to maintain with the State Bank of Pakistan a cash reserve of
1% of the specified liabilities, as at present, Other instructions of the subject shall, however, remain
unchanged.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,

Section 35 (1) of State Bank of Pakistan Act, 1956
(Restoration of the requirements
in place prior to May 19, 1999)
It may be recalled that in terms of the instructions notified vide BPRD Circular No. 16 dated
the 18 May, 1999 and BPRD Circular Letter No. 20 dated the 20th May, 1999, weekly reserve
th
requirements were reduced from 5.0 per cent to 3.5 per cent of the demand and time liabilities, subject
to daily minimum of 2.5 per cent.
2. In supersession of the above instructions, and in terms of the powers conferred under Section 36(1)
of the State of Pakistan Act, 1956 it has been decided o revert back to the requirements operative
before May 19, 1999 and, accordingly, effective from 12th July, 1999, every scheduled bank shall
maintain with State Bank an average weekly balance equivalent to 5.0 per cent of its demand and time
liabilities in Pakistan, subject to the conditions that daily balance will be, as a minimum, 4.0 per cent of
the demand and time liabilities.
3. Other relevant instructions shall, however, remain unchanged
Yours faithfully,
Director
All Banks
Dear Sirs,
PRUDENTIAL REGULATION – XXIV

MAINTENANCE OF ASSETS IN PAKISTAN
In term of Circular No. BCD(1)18/27-63 dated the 22nd October, 1963 banks are required to maintain
assets in Pakistan not less than 89% of their time and demand liabilities.
2. In exercise of powers vested under Section 30 of the Banking Companies Ordinance, 1962, it is
hereby directed that every bank, effective from 5th June, 1999, shall maintain in Pakistan not less than
85% (as against the present ratio of 80%) of the assets created by it against such time and demand
liabilities as specified in Part-A of Form X (prescribed under Rule 17 of the Banking Companies Rules,
1963). Accordingly, assets held abroad by any bank shall not, any point in time, exceed 15% of its time
and demand liabilities specified in the said Form X. All other assets financed from sources other than
time and demand liabilities specified in the said Form X shall be held within Pakistan.
3. Banks holding assets abroad in excess of the above limits at the close of business on 29 th may, 1999
shall provide details of the excess amount of assets to the State Bank by the close of business on
Monday the 31st May, 1999 and shall take necessary steps to regularize the position at the earliest but
not later than 30th June, 1999.
4. Any bank violating the above directive will make itself liable to action by the State Bank under the
relevant sections of the Banking Companies Ordinance, 1962.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,

in place before May 19, 1999)

It may be recalled that in terms of the instructions on the subject notified vide BPRD Circular No. 17
dated the 18th May, 1999, liquidity ratio was reduced from 15.0 per cent of total demand and time
liabilities to 13.0 per cent.
2. In suppression of the above instructions, and in terms of the powers conferred upon State Bank of
Pakistan under Section 29 of the Banking Companies Ordinance, 1962, it has been decided to revert
back to the requirement operative before May 19, 1999 and, accordingly, effective from 12 th July, 1999,
every banking company shall maintain in Pakistan in cash (excluding Statutory Cash Reserves under
section 36 (1) of the State Bank of Pakistan Act, 1956) gold or unencumbered approved securities to be
valued in a manner as provided for under the said section an amount which shall not at the close of
business on any day be less than 15.0 per cent of the total of its time and demand liabilities in Pakistan.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,

Section 35 (1) of State Bank of Pakistan Act, 1956
in place prior to May 19, 1999)
It may be recalled that in terms of the instructions notified vide BPRD Circular No. 16 dated
the 18th May, 1999 and BPRD Circular Letter No. 20 dated the 20th May, 1999, weekly reserve
requirements were reduced from 5.0 per cent to 3.5 per cent of the demand and time liabilities, subject
to daily minimum of 2.5 per cent.
2. In supersession of the above instructions, and in terms of the powers conferred under Section 36(1)
of the State of Pakistan Act, 1956 it has been decided o revert back to the requirements operative
before May 19, 1999 and, accordingly, effective from 12th July, 1999, every scheduled bank shall
maintain with State Bank an average weekly balance equivalent to 5.0 per cent of its demand and time
liabilities in Pakistan, subject to the conditions that daily balance will be, as a minimum, 4.0 per cent of
the demand and time liabilities.
3. Other relevant instructions shall, however, remain unchanged
Yours faithfully,
Director
Chief Executives of all NBFIs
Dear Sirs,
Rules of Business for NBFIs- Rule 6- Maintenance of Liquidity

(Restoration of the requirements in place prior to May 26, 1999)

It may be recalled that in terms of the instructions notified vide BPRD Circular No. 19 dated the 26 th
May, 1999, liquidity requirement for NBFIs was reduced from 14% to 12%.
2) In supersession of the above instructions it has been decided to revert back to the requirements
operative before May 26, 1999 and, accordingly, effective from 12th July, 1999, every NBFI shall
maintain liquidity ratio of 14% in the prescribed manner. The NBFIs will, however, continue to maintain
with the State Bank of Pakistan a cash reserve of 1% of the specified liabilities, as at present.
3) Other relevant instructions shall, however, remain uncharged.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,

in place before May 19, 1999)

It may be recalled that in terms of the instructions on the subject notified vide BPRD Circular No. 17
dated the 18th May, 1999, liquidity ratio was reduced from 15.0 per cent of total demand and time
liabilities to 13.0 per cent.
2. In suppression of the above instructions, and in terms of the powers conferred upon State Bank of
Pakistan under Section 29 of the Banking Companies Ordinance, 1962, it has been decided to revert
back to the requirement operative before May 19, 1999 and, accordingly, effective from 12 th July, 1999,
every banking company shall maintain in Pakistan in cash (excluding Statutory Cash Reserves under
section 36 (1) of the State Bank of Pakistan Act, 1956) gold or unencumbered approved securities to be
valued in a manner as provided for under the said section an amount which shall not at the close of
business on any day be less than 15.0 per cent of the total of its time and demand liabilities in Pakistan.
Yours faithfully,
Director
All Banks
Dear Sirs,
PRUDENTIAL REGULATION – XXIV

MAINTENANCE OF ASSETS IN PAKISTAN
In term of Circular No. BCD(1)18/27-63 dated the 22nd October, 1963 banks are required to maintain
assets in Pakistan not less than 89% of their time and demand liabilities.
2. In exercise of powers vested under Section 30 of the Banking Companies Ordinance, 1962, it is
hereby directed that every bank, effective from 5th June, 1999, shall maintain in Pakistan not less than
85% (as against the present ratio of 80%) of the assets created by it against such time and demand
liabilities as specified in Part-A of Form X (prescribed under Rule 17 of the Banking Companies Rules,
1963). Accordingly, assets held abroad by any bank shall not, any point in time, exceed 15% of its time
and demand liabilities specified in the said Form X. All other assets financed from sources other than
time and demand liabilities specified in the said Form X shall be held within Pakistan.
3. Banks holding assets abroad in excess of the above limits at the close of business on 29 th may, 1999
shall provide details of the excess amount of assets to the State Bank by the close of business on
Monday the 31st May, 1999 and shall take necessary steps to regularize the position at the earliest but
not later than 30th June, 1999.
4. Any bank violating the above directive will make itself liable to action by the State Bank under the
relevant sections of the Banking Companies Ordinance, 1962.
Yours faithfully,
Director

All NBFIs
Dear Sirs,
RULES OF BUSINESS FOR NBFIs-

MAINTENANCE OF LIQUIDITY
(REDUCTION IN LIQUIDITY RATIO)
Kindly refer to Rule 6 of the NBFIs Rules as modified from time to time.
It has been decided to reduce from 14% to 12% the liquidity ratio of NBFIs with effect from May 26,
1999. The NBFIs will, however, continue to maintain with the State Bank of Pakistan a cash reserve of
1% of the specified liabilities, as at present, Other instructions of the subject shall, however, remain
unchanged.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,

(Reduction in liquidity ratio from 15% 13%)
In exercise of the powers conferred upon State Bank of Pakistan under section 29 of the Banking
Companies Ordinance, 1962 it has been decided that effective from May 19, 1999, every banking
company shall maintain in Pakistan in cash (excluding Statutory Cash Reserves under section 36(1) of
the State Bank of Pakistan Act, 1956) gold or un encumbered approved securities to be valued in a
manner as provided for under the said section an amount which shall not at the close of business on any
day any less than 13 per cent of the its time and demand liabilities in Pakistan.
2. The above is in supersession of the existing instructions on the subject, which had set the above
ratio at 15 per cent.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs,

Section 36(1) of State Bank of Pakistan Act. 1956
(Reduction in reserve requirement from 5 percent to 3.5 percent)
In terms of the powers conferred under section 36(1) of the State Bank of Pakistan Act, 1956 it has
been decided that effective from May 19, 1999, every scheduled bank shall maintain with State Bank a
balance amount of which shall may at the close of business n any day be less than 3.5 percent of its
demand and time liabilities in Pakistan.
2. The above is in supersession of the existing instructions on the subject, whereby the above ratio was
prescribed at 5 percent.
Yours faithfully,
Director
All Scheduled Banks
Dear Sirs
CLASSIFICATION OF ACCOUNTS –
DEMAND & TIME LIABILITIES FOR THE PURPOSE OF
MAINTENANCE OF STATUTORY CASH RESERVE/LIQUID ASSETS.
Please refer to the instruction contained BCD Circular No. 9 dated the 4 th August, 1979 as amended from
time to time.
2. It has been decided that with effect from the week ending 15th May, 1999, the following items
reported by scheduled banks in their Weekly Statement of Position submitted to the State Bank of
Pakistan shall not be taken into account while computing the Total Demand and Time Liabilities for the
purpose of maintenance of Statutory Cash Reserve under Section 36(1) of the State Bank of Pakistan
Act, 1956 and Liquid Assets maintained under Section 29 of the Banking Companies Ordinance, 1962:-
I. Deposits from banks (Demand) Code No. 01-02

II. Borrowings from banks (Demand) Code No. 01-02
III. Deposits from banks (Time) Code No. 02-02
IV. Borrowings from banks (Time) Code No. 02-03
V. Money, at call & short notice in Pakistan. Code No. 05-00
3. Other instructions on the subject shall remain unchanged.
Yours faithfully,
Director
December 22,
BPRD Circular No. 37
2000
All Banks,
Dear Sirs,
CASH RESERVE OF SCHEDULED BANKS MAINTAINED
WITH STATE BANK OF PAKISTAN UNDER SECTION 36(1) OF SBP ACT, 1956
Please refer to BSD Circular No. 33 dated 15th December, 2000 on the captioned subject whereby banks
were required with SBP a weekly average balance of 5% of total Time & Demand Liabilities subject to
daily minimum of 4%.
In terms of powers conferred under Section 36(1) of the SBP Act, 1956 it has been decided that
effective from 30th December, 2000 and upto 5th January, 2001, every scheduled bank shall maintain
with SBP an average balance of 5% of its total Time & Demand Liabilities in Pakistan worked out on
weekly basis provided that the amount of balance shall not at the close of business on any day be less
than 3% of the total Time & Demand Liabilities in Pakistan. After 5th January, 2001 the said CRR
requirement would revert to position stipulated in BSD Circular No. 33 dated 15th December, 2000.
Other instruction issued vide BSD Circular No.17 dated 29th June, 2000 shall however, remain
unchanged.

Yours faithfully,
(Jameel Ahmad)
Additional Director
December 15,
BPRD Circular No.34
2000
All Banks/NBFIs,
Dear Sirs,
MAINTENANCE OF SPECIAL DEPOSIT WITH THE STATE BANK OF PAKISTAN
AGAINST TIME AND DEMAND LIABILITIES

In exercise of the powers vested in the State Bank of Pakistan under the Banking Companies ordinance
1962 all scheduled banks are directed to maintain with the State Bank Special Deposit equivalent to 2%
of their total time and demand liabilities as of 9-12-2000. The requirement has to be met latest by 16th
December, 2000. In order to remunerate these Special Deposits, scheduled banks have the option to
purchase market Treasury Bills from SBP on one month Repo basis at the rate of 10.00 per cent annum.
The market Treasury Bills so purchased will not count towards Statutory Liquidity Requirement (SLR) of
concerned banks.
Interested banks may contact Director, Exchange & Debt management Department for further details
during 16th December, 2000 to 18th December,2000
Yours faithfully,
(KAZI ABDUL MUKTADIR)
Director
December 15,
BPRD Circular No.33
2000
All Banks/NBFIs,
Dear Sirs,
CASH RESERVE OF SCHEDULED BANKS MAINTAINED

WITH STATE BANK OF PAKISTAN UNDER SECTION 36(1) OF SBP ACT. 1956
Please refer to BSD Circular No. 27 dated 4th October, 2000 on the captioned subject whereby banks
were required to maintain with SBP a weekly average balance of 7% of total Time & Demand Liabilities
subject to daily minimum of 6%.
In terms of powers conferred under Section 36(1) of the SBP ACT, 1956, it has been decided that
effective from 16th December, 2000 every scheduled bank shall maintain with SBP an average balance
of 5% of its total Time & Demand Liabilities in Pakistan worked out on weekly basis provided that the
amount of balance shall not at the close of business on any day be less than 4% of the total Time &
Demand Liabilities in Pakistan.
Other instructions issued vide BSD Circular No.17 dated 29th June, 2000 shall however, remain
unchanged.

Yours faithfully,
(KAZI ABDUL MUKTADIR)
Director
BSD Circular No.29 October 13, 2000
All Banks/Microfinance Bank
Dear Sirs,
MICROFINANCE RULES
In exercise of the powers conferred in it under the Microfinance Bank Ordinanace, 2000 the State Bank
of Pakistan is pleased to make the Microfinance Rules, a copy of which is Annexed. These rules will be
applicable on operation of Microfinance Bank and will come in to force with immediate effect.

Yours faithfully,
Sd/-(KAZI ABDUL MUKTADIR)
Director
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BSD Circular No.27 October 04, 2000
All Banks,
Dear Sirs,
CASH RESERVE OF SCHEDULED BANKS MAINTAINED WITH STATE
BANK OF PAKISTAN UNDER SECTION 36(1) OF SBP ACT, 1956

Please refer to BSD Circular No.17 dated 29th June, 2000 on the captioned subject whereby banks were
required to maintain with State Bank of Pakistan a weekly average balance of 5% of total Time &
Demand Liabilities subject to daily minimum of 4%.
In terms of the powers conferred under Section 36(1) of the State Bank of Pakistan Act, 1956, it has
been decided that effective from October 7, 2000 every scheduled bank shall maintain with State Bank
an average balance of 7% of its total Time & Demand Liabilities in Pakistan worked out on weekly basis
provided that the amount of the balance shall not at the close of business on any day be less than 6% of
the total Time & Demand Liabilities in Pakistan.
Other instructions issued vide BSD Circular No.17 dated 29th June, 2000 shall, however, remain
unchanged.
Yours faithfully,
Sd/-(KAZI ABDUL MUKTADIR)
Director
BSD Circular No.17 June 29, 2000
All Banks / NBFls,
Dear Sirs,
CASH RESERVE OF SCHEDULED BANKS WITH STATE BANK OF PAKISTAN

UNDER THE SECTION 36(1) OF SBP ACT. 1956
In terms of Section 36(1) of the State Bank of Pakistan Act,1956, every scheduled bank is currently
required to maintain with the State Bank an average balance of 5% of its total time and demand
liabilities in Pakistan worked out on weekly basis provided that the amount of the balance shall not at
the close of business on any day be less than 4% of the total time and demand liabilities in Pakistan.
2. The State Bank has been receiving queries from banks regarding compliance with the said Cash
Reserve Requirement. Accordingly, following clarifications are issued for the convenience of the banks.
i) For the purpose of calculating the average weekly balance of 5% and the daily minimum balance of
4%, the demand and time liabilities at the close of business on every Saturday (and if Saturday is a
holiday, on the previous working day) shall continue to be taken into account.
ii) For the purpose of calculating the average weekly balance the week shall invariably consist of seven
(7) days from Saturday to Friday irrespective of the holiday(s). In case any of the days from Saturday to
Friday happens to be a holiday the balance maintained at the close of preceding working day shall
continue to be taken into account for the purpose of calculating the average weekly balance.
iii) For the purpose of compliance with the Cash Reserve Requirement the balances maintained as per
books of State Bank of Pakistan shall be taken into account.
iv) For levy of penalty on default in maintaining average weekly balance of 5% the minimum balance
required to be maintained during a week shall be determined by multiplying 5% of the time and demand
liabilities (as calculated in (i) above) with total week days i.e. 7 and compared with the aggregate of the
balances maintained during the week with SBP. If the aggregate balance maintained during a week is
below the minimum balance required to be maintained the bank shall render itself liable to pay the
penalty. The penalty shall be levied on the shortfall between the aggregate balance maintained during a
week and the aggregate minimum balance required to be maintained over seven days.
v) If any bank maintains the average weekly balance of 5% but fails to maintain a daily minimum
balance of 4% of its total time and demand liabilities at the close of business on any day, such bank
shall also render itself liable to pay the penalty.
vi) The rate of penalty for default in maintenance of Statutory Cash Reserve shall continue to be the
same as stipulated in BPRD Circular No.21 dated 9th June,1999.
3. This supercedes all previous instructions on the subject.

Yours faithfully,
Sd/-
(Jameel Ahmad)
Director
December 18,
BPRD Circular Letter 35
2000
All Banks,
Dear Sirs,
MAINTENANCE OF SPECIAL DEPOSIT BANK OF PAKISTAN TIME AND DEMAND LIABILITIES

Please refer to BSD Circular No.34 dated 15th December, 2000 on the captioned subject.
On request from banks, it has been decided that Market Treasury Bills so purchased in terms of BSD
Circular No.34 dated 15th December, 2000 will count towards Statutory Liquidity Requirement (SLR).
The Circular referred to above stands modified accordingly.
Yours faithfully,
(Kazi Abdul Muktadir)
Director
BSD Circular No. 03 of 2008 January 31, 2008
The Presidents/Chief Executive Officers

All Banks including Islamic Banks/Branches
Dear Sirs/Madam,

Maintenance of Cash Reserve Requirements
Please refer to BSD Circular No. 04 dated August 01, 2007 on the captioned subject.
2. In exercise of the powers conferred upon the State Bank of Pakistan under Section 36 of the State
Bank of Pakistan Act, 1956, it has been decided to revise the Cash Reserve Requirement (CRR) with
effect from 2nd February 2008 as under :-
“Weekly average of 8% (subject to daily minimum of 7%) of total Demand Liabilities (including Time
Deposits with tenor of less than 1 year)”
3. All other instructions on the subject shall, however, remain unchanged
Yours faithfully,
Sd/-
(LUBNA FAROOQ MALIK)

DIRECTOR
BSD Circular No. 08 of 2008 April 05, 2008

All Islamic Banks/Branches.
Dear Sirs / Madam,
Cash Reserve Requirements Against FE-25 Deposits Maintained by IBs

& IBBs
Please refer to OSED Circular No. 1 dated November 13, 2006 on the captioned subject whereby Islamic
Banks (IBs)/Islamic Banking Branches (IBBs) are required to maintain Cash Reserve in US$ equivalent
to not less than 11% of their total FE-25 deposits on daily basis with State Bank of Pakistan in the
following manner:-
a) 5% Cash Reserve Requirement (CRR)

b) 6% Special Cash Reserve Requirement (SCRR)
2. It has been decided to reduce the Special Cash Reserve Requirement for IBs/IBBs from 6% to 2% of
total FE-25 deposits with immediate effect. Accordingly, IBs/IBBs will maintain 7% (including 5% CRR &
2% SCRR) of their FE-25 deposits with State Bank of Pakistan in the current account, till further
instructions.
3. All other instructions on the subject will remain the same.Please acknowledge receipt.

Yours faithfully,
Sd/-
(Lubna Farooq Malik)

Director

BSD Circular No. 10 of 2008 May 22, 2008

All Banks
Dear Sirs/Madam,
Cash Reserve & Statutory Liquidity Requirements
Please refer to BSD Circular No. 03 dated January 31, 2008 and BSD Circular No. 09 dated July 18, 2006
on the captioned subject.
Bank of Pakistan Act, 1956, and Section 29 of the Banking Companies Ordinance, 1962 it has been
decided to revise the Cash Reserve Requirement (CRR) and Statutory Liquidity Requirement (SLR) with
effect from 24th May 2008 as under:-
A- Cash Reserve Requirement:
i) Weekly average of 9% (subject to daily minimum of 8%) of total Demand Liabilities (including Time
Deposits with tenor of less than 1 year)
ii) Time Liabilities (including Time Deposit with tenor of 1 year and above) will not require any Cash
Reserve.
B- Statutory Liquidity Requirement:
19% (excluding CRR) of Total Time and Demand Liabilities.
3. All other instructions on the subject shall, however, remain unchanged.

Yours faithfully,
Sd/-

Director

BSD Circular No. 11 of 2008 May 22, 2008

All Islamic Banks/Branches
Dear Sirs,
Please refer to BSD Circular No. 03 dated January 31, 2008 and BSD Circular No. 05 dated August 01,
2007 on the captioned subject.
decided to revise the Cash Reserve Requirement (CRR) and Statutory Liquidity Requirement (SLR) with
effect from 24th May 2008 as under:-
i) Weekly average of 9% (subject to daily minimum of 8%) of total Demand Liabilities (including Time
Deposits with tenor of less than 1 year)
Reserve.
9% (excluding CRR) of Total Time and Demand Liabilities.

Yours faithfully,
Sd/-

Director
BSD Circular No. 12 of 2008 June 09, 2008

The Presidents/Chief Executives
All Banks and DFIs
Dear Sirs/Madam,
Statutory Liquidity Requirements (SLR)
Please refer to BSD Circular No. 10 dated May 22, 2008 and BSD Circular No. 04 dated May 22, 2004 on
the captioned subject.
2. In terms of Govt. of Pakistan’s notifications dated May 13, 2008, Term Finance Certificates of
Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and
Gujranwala Electric Power Company (GEPCO), have been notified as Approved Security for the purpose
of Statutory Liquidity Requirement (SLR) under Section 29 of the Banking Companies Ordinance, 1962.
3. However, overall holding of these Term Finance Certificates and Pakistan Investment Bonds for SLR
purposes shall not exceed 5% of the Time and Demand Liabilities.
4. All other instructions on the subject will remain the same.
Yours faithfully,
(Irfan Ismail)
Senior Joint Director


Dear Sirs,
Statutory Liquidity Requirement (SLR)
Please refer to BSD Circular No. 11 dated May 22, 2008 and BSD Circular No. 04 dated February 02,
2008 on the captioned subject.
2. It has been decided to raise the limit on total Sukuk holding, for SLR purposes, from 5 percent to 7
percent of total Time and Demand Liabilities with immediate effect. However, individual holding in
Sukuks of one issuer shall be limited to 5 percent of total Time and Demand Liabilities.
Yours faithfully,
(Irfan Ismail)


All Banks / DFIs
Dear Sirs/Madam,
Cash Reserve Requirements for Deposits raised under F.E. Circular 25

of 1998
Please refer to the BSD Circular No. 09 dated December 03, 2007 regarding temporary reduction of
Special Cash Reserve Requirement (SCRR) against FE-25 deposits.
2. It has been decided to raise SCRR against FE-25 deposits to its original rate with effect from June 30,
2008. Accordingly, the banks / DFIs are required to maintain Cash Reserves in US$ equivalent of their
total FE-25 deposits on daily basis with State Bank of Pakistan (SBP) in the following manner:-
a) 5% Cash Reserve Account (US$)

b) 15% Special Cash Reserve Account (US$)
3. All other instructions on the subject shall, however, remain the same.

Yours faithfully,
Sd/--
(Irfan Ismail)

All Islamic Banks / Branches
Dear Sirs/Madam,
Cash Reserve Requirements for Deposits raised under F.E. Circular 25

of 1998
Please refer to the BSD Circular No. 08 dated April 05, 2008 regarding temporary reduction of Special
Cash Reserve Requirement (SCRR) against FE-25 deposits.
2. It has been decided to raise SCRR against FE-25 deposits to its original rate with effect from June 30,
2008. Accordingly, the Islamic Banks / Branches are required to maintain Cash Reserves in US$
equivalent of their total FE-25 deposits on daily basis with State Bank of Pakistan (SBP) in the following
manner:-
a) 5% Cash Reserve Account (US$)

b) 6% Special Cash Reserve Account (US$)
3. All other instructions on the subject shall, however, remain the same.
Yours faithfully,
Sd/--
(Irfan Ismail)
BSD Circular No. 18 of 2008 August 27, 2008

All Banks and DFIs
Dear Sirs/Madam,

Please refer to BSD Circular No. 12 dated June 09, 2008.
2. In terms of Govt. of Pakistan’s notifications SRO No. 517(I)/2008 & 518(I)/2008 issued on June 09,
2008, Term Finance Certificates of Islamabad Electric Supply Company (IESCO), Faisalabad Electric
Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Lahore Electric Supply
Company (LESCO), have been notified as Approved Security for the purpose of Statutory Liquidity
Requirement (SLR) under Section 29 of the Banking Companies Ordinance, 1962.
3. However, overall holding of these Term Finance Certificates and Pakistan Investment Bonds for
SLR purposes shall not exceed 5% of the Time and Demand Liabilities.
4. All other instructions on the subject will remain the same.
Yours faithfully,
Sd/--

Director

BSD Circular No. 20 of 2008 October 08, 2008

Dear Sirs,
Please refer to BSD Circular No. 11 dated May 22, 2008 on the captioned subject.
decided to revise the Cash Reserve Requirement (CRR) as under:-
a. Effective from 11th October, 2008;
i) Weekly average of 8.0% (subject to daily minimum of 7.0%) of total Demand Liabilities (including
Time Deposits with tenor of less than 1 year)
Reserve.
b. Effective from 15th November, 2008;

Reserve.
Remains unchanged at 9% (excluding CRR) of Total Time and Demand Liabilities.
Yours faithfully,

Director
BSD Circular No. 21of 2008 October 08, 2008

All Banks
Dear Sirs / Madam,
Please refer to BSD Circular No. 10 dated May 22, 2008 on the captioned subject.
decided to revise the Cash Reserve Requirement (CRR) as under:-
a. Effective from 11th October, 2008;
Reserve.
b. Effective from 15th November, 2008;
Reserve.

Remains unchanged at 19% (excluding CRR) of Total Time and Demand Liabilities.
Yours faithfully,
Director


All Banks
Dear Sirs/Madam,
Please refer to BSD circular No. 08 dated May 28, 2004 (Annexure-B) on the above subject.
2) Presently PIB’s and TFC are eligible towards SLR to the extent of 5% of Time and Demand Liabilities
(TDL). It has been decided to increase this limit to 10% w.e.f. 18th October 2008, and this additional
increase of 5% can only be met through investments in Pakistan Investment Bonds (PIBs). Furthermore,
this increase is applicable on the investments in PIBs held in Bank’s own account only.
3) All other instructions on subject remain unchanged.
Kindly acknowledge receipt.
Yours faithfully

Director


All Banks
Dear Sirs/Madam,
Please refer to BSD Circulars No. 21 of October 8, 2008 and No. 10 dated May 22, 2008 on the
captioned subject.
decided to reduce the Cash Reserve Requirement (CRR) and Statutory Liquidity Requirement (SLR) as
under:-
a. Effective from 18th October, 2008:
ii) Time Liabilities (including Time Deposits with tenor of 1 year and above) will not require any Cash
Reserve.
b. Effective from 15th November 2008: In line with earlier BSD Circular No. 21 of October 8, 2008,
it is reiterated that the CRR will be further reduced as under:
Reserve.
Effective from 18th October 2008:
i) 19% (excluding CRR) of Total Demand Liabilities including Time Deposits with tenor of less than 1
year).
ii) Time Liabilities (including Time Deposits with tenor of 1 year and above) will not require any SLR
Yours faithfully

Director


All Islamic Banks / Branches
Dear Sirs/Madam,
Please refer to BSD Circulars No. 20 of October 8, 2008 and No. 11 dated May 22, 2008 on the
captioned subject.
decided to reduce the Cash Reserve Requirement (CRR) and Statutory Liquidity Requirement (SLR) as
under:-

a. Effective from 18th October, 2008:
Reserve.
b. Effective from 15th November, 2008: In line with earlier Circular No. 20 of October 8, 2008, it is
reiterated that the CRR will be further reduced as under:
Reserve.
Effective from 18th October 2008:
i) 9% (excluding CRR) of Total Demand Liabilities (including Time Deposits with tenors of less than 1
year).
ii) Time Liabilities (including Time Deposits with tenor of 1 year and above) will not require any SLR
Yours faithfully

Director

November 01,
BSD Circular No. 29 of 2008
2008

All Banks including Islamic Banks / Branches
Dear Sirs/Madam,
Cash Reserve Requirements
Please refer to BSD Circulars Nos. 25 and 26 dated October 17, 2008 on the captioned subject.
2. It has been decided to reduce Cash Reserve Requirements by 1% as under with immediate effect
instead of 15th November 2008 as earlier notified by above referred circulars:
i)- Weekly average of 5.0% (subject to daily minimum of 4.0%) of total Demand Liabilities (including
ii)- Time Liabilities (including Time Deposits with tenor of 1 year and above) will not require any Cash
Reserve.
Yours faithfully,

Director

December 17,
2008
TThe Presidents/Chief Executives

All Micro Finance Banks
Dear Sirs/Madam,
Statutory Liquidity Requirement (SLR)
In exercise of powers conferred upon State Bank of Pakistan under Section 18(1) of the Micro
Finance Institution Ordinance 2001, it has been decided that following liabilities will be exempted from
maintenance of Statutory Liquidity Requirement.
a) Borrowings from SBP (if any)
b) Call Borrowings and other Inter-bank borrowings from Scheduled Banks (including Micro Finance
Banks).
Yours faithfully,

Director

February 11,
2009
All Islamic Banks / Islamic Banking Branches
Dear Sirs / Madam,
Statutory Liquidity Requirement
Please refer to BSD circular No. 26 dated October 17, 2008 on the above subject.
2) In terms of Government of Pakistan’s notification issued on December 17, 2008, Sukuks issued by
Lahore Electric Supply Company (LESCO), have been notified as Approved Security for the purpose of
Statutory Liquidity Requirement (SLR) under Section 29(1) and Section 13(2) of the Banking Companies
Ordinance 1962, for banks having Islamic Banking license as full fledged banks or Islamic Banking
Branches only to the extent of 5% of their Demand and Time Liabilities.
3) All other instructions on the subject shall remain unchanged.
Yours faithfully,

Director

February 23,
2010
The Presidents/Chief Executives,
All Islamic Banks/Islamic Banking Branches
Dear Sirs / Madam,
PIA SUKUK CERTIFICATES
In terms of Government of Pakistan’s Notification No. D.1781-SO(GS-I)2009 dated 17th October, 2009 ;
Sukuk certificates issued by Pakistan International Airline Corporation (PIA), have been notified as
approved security:
a) Under Section 13 of BCO, 1962 - requirement as to minimum paid-up capital and reserves; and
b) Under Section 29 of BCO, 1962 - maintenance of liquid assets for Islamic banks and Islamic banking
Branches only to the extent of 5% of their Demand and Time Liabilities.
2. All other instructions on the subject shall remain unchanged.
Yours faithfully,

DIRECTOR

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The Presidents / Chief Executives
All Banks/DFIs
Dear Sirs / Madams
POWER HOLDING (PRIVATE) LIMITED TERM FINANCE CERTIFICATES
Please refer to BSD Circular No. 18 dated August 28, 2008 and Government of Pakistan’s
Notifications SRO Nos. 517(I)/2008 & 518(I)/2008 issued on June 09, 2008, whereby Term Finance
Certificates (TFCs) of Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company
(GEPCO), Islamabad Electric Supply Company (IESCO), and Lahore Electric Supply Company (LESCO),
were notified as Approved Security for the purpose of Statutory Liquidity Requirement (SLR) under sub-
section(1) of Section 29 of the Banking Companies Ordinance (BCO), 1962.
2. Presently, these TFC’s with outstanding amount of Rupees 24 billion have been transferred to Power
Holding (Private) Limited (PHPL). Accordingly as per Government of Pakistan’s Notification No. F. No.
1(17)CF-I/2009-10-Pt/1163 dated 31st May 2010; TFC’s now issued by PHPL are declared as approved
securities for the purpose of SLR, only to the extent of the said amount. Furthermore, it is clarified that
SLR eligibility of TFC’s of FESCO, GEPCO, IESCO, and LESCO notified by above-referred Circular in Para-
1, stands invalid.
Yours faithfully,
(IRFAN ISMAIL)
Additional Director
February 11,
BSD Circular Letter No. 04 of 2010
2010
The Presidents/Chief Executives Officers

All Banks/DFIs
Dear Sirs / Madam,
CASH RESERVE REQUIREMENTS FOR DEPOSITS RAISED UNDER FE

CIRCULAR 25 OF 1998
Please refer to BSD Circular Letter No. 15 dated July 13, 2001on the captioned subject.
2) It is clarified that if New York Federal Reserve Bank is closed on Monday and onwards, balances in
Cash Reserve Account (CRA) and Special Cash Reserve Account (SCRA) as of next working day will be
used for the closed days also. However, if SBP Karachi is closed on Monday and onwards, SWIFT
instructions value dated Monday or onwards could be submitted along with other returns on the next
working day to SBP for its record.
3) All other instructions on the subject remain unchanged.
Yours faithfully,
Sd/-

DIRECTOR

BSD Circular Letter No. 08 of 2010 April 30, 2010

All Banks / DFIs
Dear Sirs/Madam,
Maintenance of Cash Reserve Requirements (CRR)
Please refer to BPRD Circular Letter No. 08 dated April 23, 2010 regarding five days working week; BSD
Circular No 06 dated May 08, 2003; BSD Circular No. 04 dated May 22, 2004, and instructions on the
captioned subject issued from time to time.
2) It is clarified that for the purpose of maintenance of CRR, time and demand liabilities (TDL) at the
close of business on every Friday (and if Friday is a holiday, on the previous working day) shall be taken
into account upto Thursday. These instructions are applicable with immediate effect.
3) All other instructions on the subject matter shall however, remain unchanged.

Yours faithfully,

DIRECTOR


All Banks / DFIs
Dear Sirs/Madam,
Maintenance of Statutory Liquidity Requirements (SLR)
Circular No. 04 dated May 22, 2004; BSD Circular No. 08 dated May 28, 2004, and instructions on the
captioned subject issued from time to time.
2) It is clarified that for the purpose of maintenance of SLR, time and demand liabilities (TDL) at the
close of business on every Friday (and if Friday is a holiday, on the previous working day) shall be taken
into account upto Thursday. These instructions are applicable with immediate effect.

Yours faithfully,

DIRECTOR


All Banks / DFIs
Dear Sirs/Madam,
Maintenance of Cash Reserve Requirements for

Deposits raised under FE Circular 25 of 1998
Circular Letter No 15 dated July 13, 2001; BSD Circular Letter No.04 dated February 11, 2010 and
instructions on the captioned subject issued from time to time.
2) It is clarified that for the purpose of calculating balance in Cash Reserve Account-CRA (US$) and
Special Cash Reserve Account-SCRA (US$), the amount of FE-25 deposits at the close of business on
every Friday (and if Friday is a holiday, on the previous working day) shall be taken into account. These
instructions are applicable with immediate effect.

Yours faithfully,

DIRECTOR
February 23,
DMMD Circular No. 1 of 2011
2011

Dear Sir/Madam,
STATUTORY LIQUIDITY REQUIREMENT
Please refer to BSD Circulars No. 26 of October 17, 2008 and No. 13 of June 09, 2008 on the captioned
subject.
In exercise of the powers conferred upon the State Bank of Pakistan under section 36 of the State Bank
of Pakistan Act, 1956, and section 29 of the Banking companies Ordinance, 1962 it has been decided to
increase the Statutory Liquidity Requirement (SLR) for Islamic Banks/ Islamic Banking Branches, as
under:
1. Effective from April 01, 2011:

i. 14% (excluding CRR) of Total Demand Liabilities (including Time deposits with tenors of less than 1
year).
ii. Time Liabilities (including Time deposits with tenor of 1 year and above) will not require any SLR.
2. SLR can be maintained in the form of cash in hand, balance with NBP in current account, balance with
SBP in current account and Un-encumbered Approved Securities as notified by SBP from time to time.
3. For SLR purpose:

i. All holdings of GOP Ijara Sukuk (GIS) will be fully counted.
ii. Holdings of ‘SBP approved’ SLR eligible ‘Public Sector’ Sukuks will be counted up to 7% of total time
and demand liabilities. However, single issuer holding limit of 5% of total time and demand liabilities
stands abolished. This will also be effective from April 01, 2011.
Yours truly,
Muhammad Ali Malik

Director
DMMD Circular No. 2 of 2011 April 22, 2011
All Banks/DFIs/NBFIs
Dear Sir/Madam,
Government of Pakistan Ijara Sukuk
Please refer FSCD’s circular 13 dated September 06, 2008 on the captioned subject.
The holding limit of GOP Ijara Sukuk as stipulated in clause 8 of the above referenced circular has been
amended as under with immediate effect:
“In order to ensure that there is no over concentration, maximum holding limit of GOP Ijara Sukuk for
commercial banks will be as under:
i. For Islamic Banks holding limit will be 35% of the issue amount.
ii. For Conventional Banks, with Islamic Banking Branches, holding limit will be 35% of the issue
amount. The holding restriction will be applied on a combined / amalgamated basis for commercial
banks with Islamic Banking Branches.
iii. For Conventional Banks, with no Islamic Banking Branches, holding limit will be 25% of issue
amount.
iv. Adherence to the above holding limit by issue has to be complied as of close of any business day.”
The above amended holding limit will be applicable to all issues of GOP Ijara Sukuk.
All other instructions on the subject will remain unchanged.
Yours Sincerely,
(Athar Ghafoor)
DMMD Circular No. 3 of 2011 April 27, 2011

Dear Sir/Madam,
STATUTORY LIQUIDITY REQUIREMENT
Please refer to DMMD Circulars No. 1 of February 23, 2011 on the captioned subject.
In exercise of the powers conferred upon the State Bank of Pakistan under section 36 of the State Bank
of Pakistan Act, 1956, and section 29 of the Banking companies Ordinance, 1962 it has been decided to
increase the Statutory Liquidity Requirement (SLR) for Islamic Banks/ Islamic Banking Branches, as
under:
Effective from June 3, 2011:

1. 19% (excluding CRR) of Total Demand Liabilities (including Time deposits with tenors of less than 1
year).
2. Time Liabilities (including Time deposits with tenor of 1 year and above) will not require any SLR.
All other instructions on the subject shall remain unchanged.

Yours truly,
Muhammad Ali Malik

Director
November 03,
2011

All Banks/DFIs
Dear Sirs/Madams,

Please refer to BSD Circular Letter no. 08 dated April 30, 2010; BSD Circular No. 06 dated May 08, 2003: BSD Circular No. 04
dated May 22, 2004 and instructions on the captioned subject issued from time to time:
 It has been decided that, for the purpose of maintaining CRR during the week starting from Friday and
ending on following Thursday, Time and Demand Liabilities (TDL) as of close of business on previous Friday
(i.e. with lag of one week) will be taken into account for determination of required CRR. If previous Friday
is a holiday then TDL as of close of business on preceding working day will be taken into account.
 The above instructions will be effective from 18th November 2011 which means that during the week
starting from 18th November 2011 and ending on 24th November 2011, TDL as of 11th November 2011
will be used for maintaining CRR.
 All other instructions on the subject shall, however, remain unchanged.
Yours truly
(Muhammad Ali Malik)

Director
November 03,
2011
The Presidents/ Chief executives

All Banks/DFIs
Dear Sirs/Madams,
Maintenance of Cash Reserve Requirements for

Deposits raised under FE Circular 25 of 1998

Please refer to BSD Circular Letter no. 10 dated April 30, 2010; BSD Circular Letter No. 15 dated July 13, 2001; BSD Circular letter
No. 04 dated February 11, 2010 and instructions on the captioned subject issued from time to time.
 It has been decided that, for the purpose of maintaining CRR in Cash reserve Account-CRA (US$) and
Special Cash Reserve Account-SCRA (US$) against deposits raised under FE circular 25 of 1998, the
reserve maintenance week will start from Friday and end on following Thursday.
 The FE-25 deposits as of close of business on previous Friday (i.e. with lag of one week) will be taken into
account. If previous Friday is holiday then FE-25 deposits as of close of business on preceding working day
will be taken into account.
 If New York Federal Reserve Bank is closed on Friday (i.e. first day of reserve maintenance week), the
balances in CRA and SCRA as of previous day will be used for closed days also. However, if SBP Karachi is
closed on Friday, SWIFT instructions value dated Friday could be submitted along with other returns on the
next working day to SBP for its record.
 The above instructions will be effective from 18th November 2011, which means during the week starting
from 18th November 2011 and ending on 24th November 2011, FE-25 deposits as of 11th November 2011
will be used for maintaining balances in CRA and SCRA.
 All other instructions on the subject shall, however, remain unchanged.
Yours truly

Director
November 04,
2011
The Presidents/ Chief Executives

All Banks
Dear Sirs/Madams,

This refers to BSD Circular no. 24 dated October 13, 2008 on the captioned
subject.
1. It has been decided to increase the SLR eligibility limit of all issues of
Pakistan Investment Bonds (PIBs) from 10% to 15% of Time and Demand
Liabilities.
2. The eligibility of TFCs for maintaining SLR notified vide BSD circular 12
dated 9th June 2008 and BSD Circular 4 dated 22nd June 2010, stands
cancelled and hence no TFC will be eligible for the purpose of maintaining SLR.
3. These instructions will be effective immediately. All other instructions on

the subject shall, however, remain unchanged

Yours truly,
(Athar Ghafoor)
DMMD Circular No. 25 of 2011 December 14,

2011

Please refer to FSCD Circular No. 13 dated 6th September, 2008 and the subsequent circulars on the subject matter cited above.
In accordance with provisions of the notification of the GoP Ijara Sukuk Rules, 2008, another GoP Ijara Sukuk will be issued as per
the Structure and Assets described in Annexure “C”.
In this regard, details covering the structure, documentation and sample Tender Form are attached for information. All other
instructions on the subject would remain unchanged.
Enclosed:
Annexure ‘A’: Copy of Ijara Sukuk Rules 2008

Annexure ‘B’: Sample Tender Form
Annexure ‘C’: Structure and Documentation
Annexure ‘D’: Certificate Subscription Undertaking
Annexure ‘E’: Certificate Issuance Undertaking
Yours sincerely,

Director
DMMD Circular No. 21 of 2012 October 05, 2012

All Banks/DFIs

Please refer to DMMD Circular 20 of 2011, BSD Circular No. 29 of 2008 on the captioned subject.
In order to facilitate banks in context of their liquidity management, following amendments are being
introduced in maintenance of Cash Reserve Requirement (CRR):
1. The reserve maintenance period will now be of two weeks starting from Friday and ending on
Thursday of subsequent week.
2. Time and Demand Liabilities (TDL) as of close of business on Friday (first day of reserve maintenance
period) will be taken into account for determination of required CRR. If Friday is a holiday then TDL as of
close of business on preceding working day will be taken into account.
3. All banks (including Islamic Banks/Branches) have to maintain CRR at an average of 5.0% of total
demand liabilities (including time deposits with tenor of less than 1 year) during the reserve
maintenance period, however daily minimum requirement is being decreased to 3.0%. Time liabilities
(including time deposits with tenor of 1 year and above) will continue to be exempt from cash reserves.
4. DFIs will continue to maintain CRR at 1.0% of their time and demand liabilities during the reserve
maintenance period.
The above instructions will be effective from October 12, 2012. The TDL to be used for CRR maintenance
period starting from October 12, 2012 and ending on October 25, 2012 would be as of October 12,
Yours truly,

Director
DMMD Circular No. 22 of 2012 October 05, 2012

All Banks/DFIs
Maintenance of Statutory Liquidity Requirements (SLR)
Please refer to DMMD Circular 21 of 2011 on the captioned subject.
It has been decided that, for the purpose of maintaining SLR during the fortnight starting from Friday
and ending on Thursday of subsequent week, Time and Demand Liabilities (TDL) as of close of business
on Friday (first day of the fortnight) will be taken into account for determination of required SLR. If
Friday is a holiday then TDL as of close of business on preceding working day will be taken into account.
The above instructions will be effective from October 12, 2012. The TDL to be used for SLR maintenance
during fortnight starting from October 12, 2012 and ending on October 25, 2012 would be as of October
12, 2012. All other instructions on the subject shall, however, remain unchanged.

Yours truly,

Director

DMMD Circular Letter No. 01 of 2012 June 29, 2011
All Banks/DFIs
Dear Sirs/Madam,
Maintenance of Cash Reserve Requirements (CRR),

Statutory Liquidity Requirements (SLR) &
Cash Reserves (against FE-25 Deposits)
Please refer to DMMD Circular no. 20, 21 and 22 dated November 03, 2011 regarding maintenance of
CRR, SLR and Cash Reserves (FE-25) respectively.
In terms of BPRD Circular Letter No. 14 dated June 26, 2012, Banks has been advised to incorporate the
impact of Saturday, June 30, 2012 clearings and the permissible activities by designated branches on
the same day, in the books of accounts for preparation of their quarterly/half-yearly financial
statements.
Keeping in view of the above, it is decided that:
1. For the purpose of maintaining CRR and SLR, during the week
starting from July 06, 2012 and ending on July 12, 2012, TDL as
of close of business on Saturday, June 30, 2012 will be used
instead of Friday, June 29, 2012.
2. For the purpose of maintaining cash reserves in CRA and SCRA,
during the week starting from July 06, 2012 and ending on July
12, 2012, FE-25 deposits as of close of business on Saturday, June
30, 2012 will be used instead of Friday, June 29, 2012.
These instructions are issued only for the week specified above. Therefore, in all other cases,
maintenance of CRR, SLR and Cash Reserves (FE-25) will be as per instructions issued vide DMMD
Circular no. 20, 21 and 22 dated November 03, 2011 respectively.
Yours truly,
(Athar Ghafoor)

March 22, 2013

Please refer to FSCD Circular No. 13 dated 6th September, 2008 and FSCD Circular No. 10 dated 8th July 2010 on the
subject matter cited above.
In accordance with provisions of the notification of the GoP Ijara Sukuk Rules, 2008, another GoP Ijara Sukuk will be
issued as per the Structure and Assets described in Annexure “C”.
In this regard, details covering the structure, documentation and sample Tender Form are attached for information.
All other instructions on the subject would remain unchanged.
Enclosed:
Annexure ‘A’: Copy of Ijara Sukuk Rules 2008
Annexure ‘B’: Sample Tender Form
Annexure ‘C’: Structure and Documentation
Annexure ‘D’: Certificate Subscription Undertaking
Annexure ‘E’: Certificate Issuance Undertaking
Yours sincerely,
Sd/-
(Athar Ghafoor)
Sr. Joint Director

BPRD Circular No. 15 June 21, 1998: All Banks, Dear Sirs

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BPRD Circular No. 15 June 21, 1998: All Banks, Dear Sirs

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BPRD Circular No.

15 June 21, 1998

CASH RESERVE OF SCHEDULED BANKS WITH STATE BANK OF PAKISTAN UNDER

3. Please acknowledge receipt.

BPRD Circular No. 16 June 21, 1998

MAINTENANCE OF LIQUID ASSETS IN PAKISTAN UNDER SECTION 29 OF BCO, 1962.

3. Please acknowledge receipt.

BPRD Circular No. 28 July 28, 1998

MAINTENANCE OF LIQUIDITY BY NBFIS.

3.Other instructions on the subject will remain unchanged.

4. Please acknowledge receipt.

BPRD Circular No. 33 August 26, 1998

CASH RESERVE OF SCHEDULED BANKS WITH STATE BANK

Please acknowledge receipt

BPRD Circular No. 16 May 18, 1999

All Scheduled Banks

Maintenance of Statutory Cash Reserve under

3. Other relevant instructions shall, however, remain unchanged.

Please acknowledge receipt.

BPRD Circular No. 17 May 18, 1999

All Scheduled Banks

Maintenance of Liquid Assets in Pakistan

Please acknowledge receipt.

Chief Executives of all NBFIs

Rules of Business for NBFIs- Rule 6- Maintenance of Liquidity

3) Other relevant instructions shall, however, remain uncharged.

Please acknowledge receipt.

BPRD Circular No. 19 May 18, 1999

All Chief Executives,

RULES OF BUSINESS FOR NBFIs-

Please acknowledge receipt.

All Scheduled Banks

Maintenance of Statutory Cash Reserve under

3. Other relevant instructions shall, however, remain unchanged

Please acknowledge receipt.

BPRD Circular No. 20 May 29, 1999

PRUDENTIAL REGULATION – XXIV

Please acknowledge receipt.

BPRD Circular No. 26 July 2, 1999

All Scheduled Banks

Maintenance of Liquid Assets in Pakistan

3. Other relevant instructions shall, however, remain unchanged.

Please acknowledge receipt.

All Scheduled Banks

Maintenance of Statutory Cash Reserve under

3. Other relevant instructions shall, however, remain unchanged

Please acknowledge receipt.

BPRD Circular No. 28 July 3, 1999

Chief Executives of all NBFIs

Rules of Business for NBFIs- Rule 6- Maintenance of Liquidity

Please acknowledge receipt.

BPRD Circular No. 26 July 2, 1999

All Scheduled Banks

Maintenance of Liquid Assets in Pakistan

3. Other relevant instructions shall, however, remain unchanged.

Please acknowledge receipt.

BPRD Circular No. 20 May 29, 1999

PRUDENTIAL REGULATION – XXIV

Please acknowledge receipt.

BPRD Circular No. 19 May 18, 1999

All Chief Executives,

RULES OF BUSINESS FOR NBFIs-

Please acknowledge receipt.