State bank steps in
11/09/2007
Exporters of leather garments in Pakistan have met officials from the country's state bank to ask for help.
The garments sector has experienced a slow year for business so far, and the State Bank of Pakistan (SBP) has agreed to waive some of the penalties garment producers faced as a result of defaulting on loans.
The leather sector companies were worried about finding enough money to meet repayments in the context of below-target shipments overseas. Another measure agreed with the SBP is that companies will now be required to export a lower volume of leather garments to qualify for help from the bank.
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