(NAR) VOL.8 NO. 3 / JULY - SEPTEMBER 1997
"2. Allowable open FX Position — Banks' long FX position shall not go beyond 5 percent of their unimpaired capital or US$10 million whichever is smaller and their short FX position to not more than 20 percent of said capital: Provided, that these prescribed limits shall be subject to review after 90 days from the date of this circular.This Circular shall take effect immediately.
"Any excess beyond the allowable limit shall be settled on a daily basis."
"Banks which are in excess of either of these limits as of date of this Circular shall have 2 days within which to bring down their holdings to within the allowable limit."