SCCI demands withdrawal of 0.5 percent increase in mark up by SBP

September 15, 2013 Off By Web Desk

Sialkot: Sialkot Chamber of Commerce and Industry SCCI has expressed grave over the 0.5 percent increase in interest rate by State Bank of Pakistan SBP in its Monitory Policy, saying that the interest ratio has now jumped to 9.5 percent by this recent increase. This increase has deeply disappointed the country’s export sector.

Talking to the newsmen here, the SCCI President Sheikh Abdul Majid rejected this recent increase in interest ratio by SBP and said that it would be resulted into decline in the foreign investment in Pakistan, terming this increase as harmful for national exports and foreign investment.

He urged the government to announce special trade related incentives for the export industries by withdrawing the recent 0.5 percent increase by SBP, as this withdrawal would be helpful in pulling the industrial and export sectors out of the persisting energy and economical crisis.