KARACHI - The State Bank of Pakistan has notified that the rate of refinance under the Export Finance Scheme (EFS) applicable from January 1, 2010 and onward till further instructions shall be 7.5 per cent per annum. According to a Circular (SMEFD Circular No. 20) issued on Wednesday by SBP, the commercial banks shall ensure that where financing facilities are extended by them to the exporters for availing refinance facilities under EFS, their maximum margin/spread does not exceed 1% p.a. Reimbursement of mark-up rate benefit to exporters, on excess performance under Part-II of the Scheme, as specified in the SMEFD Circular No. 15 dated October 31, 2009, will be adjusted accordingly keeping in view the revised mark-up rates, says the Circular.