KARACHI, Oct 31: The State Bank of Pakistan (SBP) on Thursday announced to continue the 6.5 per cent per annum rate of refinance under the Export Finance Scheme for the month of November 2002.

In a circular to all banks, the central bank quoted its earlier circular dated March 30, 2002 under which 6.5 per cent rate of refinance was declared.

The commercial banks will, however, have been asked to ensure that where they extend financing facilities to the exporters under the scheme, their maximum margin/spread does not exceed 1.5 per cent per annum.

The financing facilities under Part-B (Export Sales) of the scheme for financing locally manufactured machinery will also attract similar mark up rate structure.—APP