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In item 16.1 net inflows of US$ 46.0 million in FY99,
reflect a fall in outstanding export bills, while net outflows of US$ 132 million in FY00
show an increase in outstanding export bills. It may bye mentioned here that excluding
this US$ 132 million from total outstanding export bills shown in Table VIII.1 (US$ 404
million in FY00) shows up in item 17.1. In overall terms, the outflow of US$ 404 million
in FY00 shows the increase in outstanding export bills, which implies that exporters have
postponed repatriation of their earnings until after the due date in and effort to gain
from additional depreciation of the Rupee. In order t discourage overdue export bills, SBP
had decided that exporters shall be entitled to realize Rupee proceeds at the exchange
rate prevailing on the due date, or at the realization date of export proceeds, whichever
may lower.
