Tanners praise Pakistan’s reduced export refinance r - leatherbiz: Lea Leatherbiz

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Tanners praise Pakistan’s reduced export refinance rate

11/09/2012
The Pakistan Tanners Association (PTA) has joined representatives from the value-added export sector in the country to welcome the State Bank of Pakistan’s decision to reduce the export refinance facility rate by 1.5% to 9.5%.

The rate change will boost exports and make products competitive in the international market, they said.

Former PTA chairman Agha Saiddain told local press that the market had been stymied by a lack of liquidity but the reduction in ERF rate should encourage fresh investment in the textile and leather industry and in turn create jobs.

Dr Mirza Ikhtiar Baig, textile adviser to the Pakistani prime minister, praised the rate reduction as a step in right direction.

Associations adding their voice to the decision included the Federation of Pakistan Chambers of Commerce and Industry, the Karachi Chamber of Commerce and Industry and the All Pakistan Textile Mills Association.


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