| GEO Business|
| Export refinance volume drops by 26pc|
| Updated at: 1529 PST, Saturday, December 13, 2008|
KARACHI: In the wake of providing 70 percent financing by the State Bank of Pakistan (SBP), the volume of export refinance was seen declined by 26 percent.
SBP annual report said that the Central Bank during fiscal year 2007-2008 started following the policy of providing capital for export refinance at 70 percent instead of 100 and Rs244 billion of export refinance was provided during the whole fiscal year, while in the 2006-07 it was Rs328 billion.
SBP had changed the export financing interest rate for controlling the expansion of money in the economy. Presently, the Central Bankís discount rate stands at 15 percent, while that of export refinance at 7.5 percent.