KARACHI: The State Bank of Pakistan (SBP) Thursday announced increase in the markup rate for financing under Export Finance Scheme (EFS) by 2.5 percent.
The Monetary Policy Committee of the SBP in its emergency meeting has decided to raise the policy rate by 250 basis points to 12.25 percent due to multiple risks to the economy.
Accordingly, the SBP has decided to increase the markup rate for financing under EFS by 2.5 percent in line with the increase in policy rate announced in the MPC meeting.
Accordingly, the markup for Export Finance Scheme (both Part I and Part II) will be 5.5 percent p.a. with effect from April 8, 2022 till further instructions. Banks’ spread for corporate borrowers and SME borrowers will remain unchanged, ie, 1 percent and 2 percent, respectively.
However, the SBP has clarified that this revision in rates will not be applicable on financing under the Rupee-based discounting facility of EFS. All other instructions on the subject shall remain unchanged, the central bank maintained.
Copyright Business Recorder, 2022