KARACHI - The State Bank of Pakistan has decided that the rate of refinance charged by commercial banks from the exporters under the Export Finance Scheme will be at 9 percent p.
These rates are applicable from October 1, 2010 (today) till further instructions are issued by the central bank with regard to this scheme.
According to SMEFD Circular No.
14 of 2010 issued Thursday, the commercial banks will ensure that where financing facilities are extended by them to the exporters for availing refinance facilities under the Export Finance Scheme, their maximum margin/spread does not exceed 1 per cent p.
The financing facilities under Part-B (Export Sales) of the Scheme for financing Locally Manufactured Machinery would also attract similar mark-up rate structure, a circular said The reimbursement of mark-up rate benefit to exporters, on excess performance under Part-II of the Scheme, as specified in SMEFD Circular No.
15 dated October 31, 2009, would be adjusted accordingly keeping in view the revised mark-up rates, it added.