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Export refinance rate for November stays unchanged

KARACHI (November 01 2002) : The State Bank of Pakistan (SBP) said that the refinance rate for exporters for the month of November stayed unchanged at 6.5 percent per annum.

In a circular to all banks, issued on Thursday the central bank said that its earlier circular dated March 30, 2002 under which 6.5 percent per annum rate of refinance was declared.

The commercial banks will, however, have been asked to ensure that where they extend financing facilities to the exporters under the 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 will also attract similar mark up rate structure.

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