Regulatory Alerts2016-09-04
Added · Updated
FEPD Circular Letter No. 24: Providing loan facility under Export Development Fund (EDF) to deemed exporters for Bulk import
The document instructs authorized dealer banks to strictly adhere to the maximum loan limit for bulk import of production inputs under the Export Development Fund (EDF) for deemed exporters. Banks must ensure that the loan amount does not exceed the local currency repatriated against local supplies (including direct export earnings) over the preceding twelve months. This directive corrects recent practices where banks approved loans based solely on the circular's stated maximum limit without considering the actual repatriated local currency value.
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