KARACHI, March 12: The State Bank has decided to fix maximum profit rate at 7 per cent per annum to be earned by a financial institution on financial assistance to be extended under Part-A (local sales) of the Scheme for financing locally manufactured machinery.

According to SBP BPD circular No 07, the decision would be effective from March 15, 2003. However, where banks would avail of refinance from the SBP against valid finance limit, the refinance so obtained would be remunerated at 5 per cent per annum.—APP