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SBP brings relief to carpet exporters with policy revision

23
Apr '08
The State Bank of Pakistan (SBP) has plans to revise its existing shipment requirements for exporters of hand-knotted carpets from 70 percent to 60 percent of average loans taken from July 2007.

The SBP, in its MFD circular No 02 issued on Monday, referred to paragraph 2 of SME & MFD circular No 03 dated July 31, 2007 relating to roll-over of refinance loans under the Export Finance Scheme Part-II upon reporting on form EP after completion of shipments equal to 70 per cent of loans availed from July 2007 to date. It said, “Exporters of hand-knotted carpets will be eligible for roll-over of refinance facility under part-II, in case they show 60 per cent of the shipment on form EP.”

Moreover, the central bank has also brought about changes in performance requirement of hand-knotted carpets for the present financial year revising it to 1.5 times from 2.0 demanded earlier.


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