Saturday, November 15, 2008

Karachi Chamber opposes rise in interest rate

KARACHI: President, Karachi Chamber of Commerce and Industry, Anjum Nisar and Chairman of ruling Businessmen Group (BMG) Siraj Kassam Teli along with other KCCI leaders have criticised the further increase of 2 percent in the discount rate by the State Bank of Pakistan. The business leaders, in a press release here on Friday, however appreciated positive steps of SBP with regard to 100 percent Export Refinance Scheme. They said the increase in interest rate would adversely affect the cost of doing business. The industry is already under immense pressure and is finding hard to stay afloat. KCCI proposed to take measures to slash down the mark-up rate to reduce cost of doing business and increase competitive edge of our products in local as well as international markets.

No comments: