Implementation of item III of Circular letter dated January 24, 2002
CIRCULAR LETTER Series of 2002
TO : All Universal and Commercial Banks
The implementation of Item III of Circular-Letter dated January 24, 2002 which reads as follows:
"III. Unless specifically authorized by the Bangko Sentral, proceeds of FX sale for trade-related transactions shall not be credited to any FCDU account even if remittance to beneficiary/supplier will be made on the same date that the FX was sold."
is temporarily deferred until further notice. The accompanying Q26 of Annex A of the aforesaid Circular-Letter is deleted.
This Circular-Letter shall take effect immediately.
AMANDO M. TETANGCO, JR. Officer-in-Charge
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