Karachi June 30, 2022: State Bank of Pakistan increase the rate of remuneration for the month of July 2022 on the Special Cash Reserve Account (US$) maintained with the State Bank of Pakistan will be 0.79% from 0.12% a month earlier.
It is important to mention that the rate of remuneration is zero percent for the 12 months period prior to June 2022.
In order to liberalize the foreign exchange regime the central bank allows banks / NBFIs to freely utilize Foreign Currency Deposits mobilized under F.E. 25 for lending/investment/placement in Pakistan and /or abroad. Such deposits if maintained abroad will not count towards banks’ Nostro Limits.
Accordingly, the State Bank has further decided that every bank / NBFI shall be required to maintain cash reserves in US$ equivalent to not less than 25% of their total FE 25 deposits with 5% in Cash Reserve Account and remaining in Special Cash Reserve Account (US $).
