SBP extends subsidy on wheat export

KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it had extended subsidy on export of wheat and wheat products till October.

 “Exporters of wheat/wheat products will approach SBP-BSC (Bank), head office or respective field office of SBP-BSC, as the case may be, through their authorised dealer claiming the subsidy latest by October 31, 2017,” the central bank said. “No claims will be entertained after aforementioned time period.”

The SBP extended the subsidy period after the Economic Coordination Committee (ECC) of the cabinet  granted extension in the export period of wheat and wheat products beyond March 15, 2017 till August 31, 2017.

Industry officials said the country’s surplus wheat stocks had piled up to around four million tons as it failed to export excess grain because of high domestic prices and quality constraints. Earlier, in January this year, the ECC had increased the total exportable wheat quantity to 1.3 million tonnes from 900,000 tonnes.