KARACHI: State Bank of Pakistan (SBP) extends time for settlement of Foreign Currency Loans up to 180 days amid Coronavirus (COVID-19) pandemic to facilitate exporters and importers.
Continuing with its commitment to support the industry amid COVID-19 pandemic, SBP has further facilitated the exporters and importers by allowing extension up to 180 days in settlement of their export and import loans under FE-25 Scheme.
Banks can now allow extension up to 180 days to exporters in settlement of their FE-25 loans in case they are facing delay in realization of export proceeds due to COVID-19.
Moreover, banks can also allow settlement of FE-25 loans to exporters through substitute contract during the extended period of 180 days where the original export contract has been cancelled due to COVID-19. Likewise, SBP has also allowed the bank to extend the maturity of FE-25 import loans by 180 days.
This facilitation has been provided to exporter and importers for their foreign currency loans maturing up to September 30, For details http://www.sbp.org.pk/epd/2020/FECL17.htm
State Bank reiterates its unflinching resolve to continue working with all stakeholders to provide all needed facilitation in these uncertain times in the larger interest of people of Pakistan.