March 31, 2002	Sunday	Muharram 16, 1423

KARACHI, March 30: Banks will get 1.38 per cent return in April on their fresh foreign currency deposits placed with the State Bank, says an SBP circular.

In March they were getting 1.37 per cent profit on these deposits.

SBP fixes this rate every month on the basis of the six-month LIBOR (London inter-bank offered rate) in the preceding month.

Banks are free to use foreign currency deposits in the market but most banks keep the largest chunk of these deposits with the SBP as there are not many borrowers ready to borrow in foreign currency.