Ref. No. PHMA/ Cir-027/2023
Dated:05th April 2023

Subject: FE CIRCULAR NO. 02 OF 2023 OF SBP REGARDING REALIZATION OF EXPORT PROCEEDS

Please refer to the subject cited above and find enclosed copy of FE Circular No. 02 of 2023 dated March 31, 2023 issued from the State Bank of Pakistan (SBP).

According to the subject FE Circular No. 02 of 2023, the exporters who are able to bring their delayed export proceeds to Pakistan by April 30, 2023 will not face any deductions and their export proceeds will be converted into PKR and released to them in a normal fashion. Accordingly, the instructions contained in paragraph 33A, Chapter 12 of FE Manual have been revised and it has been decided that the export proceeds (fully or partially) if realized after the prescribed period (as stipulated in Para 6 of this Chapter), the AD shall convert the export proceeds at the prevailing market exchange rate, credit the same into the exporters' account according to the details contained in the enclosed Circular.

Thanks and Best Regards

KHADIM RASOOL

SECRETARY GENERAL