The chairman of the Pakistan Tanners Association, S.M. Naseem, while praising the state bank of Pakistan for its recent decision to provide 100% financing for export activity (see leatherbiz.com, November 6, 2008), has expressed concern over the increase announced simultaneously in benchmark interest rate from 13% to 15%.

He said this would certainly increase the cost of doing business for tanneries. He appealed to the governor of the state bank to withdraw the interest-rate rise, even suggesting it could put the survival of some of his association's member companies in danger.

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