Leather firms to suffer from higher export rates, says PTA
According to the Pakistan Tanners’ Association, the country’s leather industry will suffer as a result of the State Bank of Pakistan’s (SBP’s) decision to increase
export finance rates.
The association’s chairman, Gulzar Firoz, has strongly criticised the SBP decision to increase refinancing rates under the Export Finance Scheme (EFS) and Long-Term Financing Facility (LTFF) by 0.5% and 1.1%, respectively. The rises came in to effect on April 1.
He claims there is no justification for the rate hikes, particularly seeing as the leather industry is already facing higher energy and petrol prices and suffering from overseas competition.
Mr Firoz has appealed to the bank to meet with export industry representatives and, ultimately, to review its decision.
