KARACHI, Nov 10: The State Bank has excluded donor agencies and welfare organizations from the limit of the FE-25 Deposits in the form of foreign direct investment (FDI) and funds sent by them.

The SBP on Thursday issued a circular in this regard. It said that in order to promote the FDI and facilitate social and economic uplift through donor agencies and welfare organizations, it has been decided that FE-25 Deposits may be excluded by the banks and Development Finance Institutions from the calculation of limit on FE-25 Deposits.

“This will be subject to the condition that the banks and DFIs will obtain an undertaking from the accountholder that such funds are remitted from abroad and would be used for poverty alleviation and socio-economic uplift,” said the circular.