April 14, 2002	Sunday	Muharram 30, 1423

KARACHI, April 13: The Banking Policy Department of State Bank through a circular here on Saturday has announced to allow finance/refinance for export of brown rice in bulk/loose.

The decision was stated to be made to boost the exports of “brown rice” to the European countries.

Mentioning that the very decision, pertaining to Export Finance Scheme of SBP, is in accordance to BSD Circular No 32, dated Dec 7, 2000, the finance for the purpose was said to be provided on case by case basis under Part I of the scheme against LCs only.

It may be reminded that according to BSD Circular No 32 export facilities were inter alia, extended to brown rice in packing of one to 50kg under “Export Finance Scheme”.

The SBP Banking Policy Department sources maintained that the facility for export of brown rice in packing of one to 50kg would continue to be available, as at present, to the exporters desirous to avail the finance on their export consignments to all countries under both parts of the scheme.

Other instructions on the subject were said to remain unchanged.—APP