SBP extends limits under EFS, IERS schemes

The State Bank of Pakistan (SBP) has extended the limits sanctioned by banks to individual exporters under Part-II of the Export Finance Scheme (EFS) /Islamic Export Refinance Scheme (IERS) for the year 2010-11 up to August 31, 2011.

It may be pointed out here that export refinance limits sanctioned in favour of banks for the year 2010-11 are due to expire on June 30, 2011. Under the present system, exporters are required to submit EE-1 statement for the year 2010-11, duly verified by the Foreign Exchange Operations Department of SBP-BSC, latest by August 31, 2011. Therefore, banks would not be in a position to work out revised entitlement of limits for each exporter under Part-II of the Scheme for the year 2011-12.

From: Daily Times