KARACHI: The State Bank of Pakistan (SBP) on Thursday increased the rate of refinance under the Export Finance Scheme by 50 basis points to nine percent applicable from October 1, a statement said.
Earlier, the central bank revised the rate on June 30 from eight percent to 8.5 percent. The SBP has increased the rate by two percent since November 2009.
The central bank has advised the commercial banks to 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 one percent per annum.
The central bank also said that the financing facilities under exports sales of the scheme for financing locally-manufactured machinery would also attract similar mark-up rates structure.
The reimbursement of the mark-up rate benefit to exporters, on excess performance under scheme will be adjusted accordingly, keeping in view the revised mark-up rates, the central bank said.