State Bank of Pakistan (SBP) has revised the mark-up rate for exporters availing financing facilities under Export Finance Scheme (EFS) that will be 7.5 percent per annum with effect from July 1.
Banks spread for corporate borrowers and SME borrowers will remain unchanged i.e. 1 percent and 2 percent respectively, according to IH & SMEFD Circular No 05 of 2014.
The revised mark-up rate would also be applicable on outstanding loans granted under EFS. Accordingly, all banks are advised to re-price their outstanding loans granted under EFS.
In order to reconcile the position of re-priced loans, banks should submit particulars of outstanding loans re-priced by the bank under EFS on prescribed annexureI to the concerned SBP BSC office(s) within 10 days from announcement of this circular.
The reimbursement of mark-up rate benefit to exporters, on excess performance under Part-II of the Scheme, as specified in SMEFD Circular No 15 dated October 31, 2009 and IH & SMEFD Circular No 01 of 2014, will be adjusted accordingly keeping in view the revised mark-up rates. Other instructions on the subject shall remain unchanged.
