The State Bank of Pakistan has maintained export refinance rate at 7.5 percent as its anchor six-month Treasury Bills yields in July remained below 8 percent. In a circular issued here on Saturday, the SBP said that the rate of refinance under the Export Finance Scheme applicable for the month of August 2005, shall be 7.5 percent per annum.
Commercial banks shall, however, ensure that where financing facilities are extended by them to exporters for availing refinance facilities under the Export Finance Scheme, their maximum margin/spread does not exceed 1.5 percent per annum.
The financing facilities under Part-B (Export Sales) of the scheme for financing locally manufactured machinery shall also attract mark-up rate structure.
The circular further said that other instructions on the subject shall remain unchanged as per BPD Circular No 21 of June 30, 2005 and other instructions issued from time to time on this subject.
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