Pakistan’s State Bank offers help to leather exporters
Pakistan's State Bank said in a press release it had relaxed the export finance scheme for those exporters of leather garments and leather products who could not ship their consignments due to the terrorist attacks of September 11.
Problems occurred for companies that had signed up for the scheme up to September 30 when they found that they could not ship their consignments within the required 180 days. The exporters of leather garments and leather products had been facing cancellation of their export orders and letters of credit in the wake of the September 11 attack on the US. They had also been facing delays in repatriation of export proceeds.
The bank has now given a further 90 days for the companies to do so and will not introduce fines for the delays. It is hoped the relaxation of the deadline will make up for some of the losses that might have been incurred because of the international situation.
