Tanners express anger at bank decision
06/01/2010
The chairman of the Pakistan Tanners’ Association (PTA), Gulzar Firoz, has complained to the government about the increasing cost of finance for exporters.
An export refinance scheme is in place in Pakistan to help manufacturers there grow their businesses, but Mr Firoz has criticised the State Bank of Pakistan for recent increases in the interest it charges for providing the financial banking. In recent months, the rate has risen several times, from 6% to its currect rate of 7.5%.
The PTA chairman warned that the cost of doing business in the Asian country would become prohibitive and he said the situation could cause goods manufactured there to become uncompetitive in the world market.
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