Textile Industry: APTMA rejects monetary policy

LAHORE: All Pakistan Textile Mills Association (Aptma) acting chairman Muhammad Akber has rejected the monetary policy and said that maintaining the mark-up at 12% would add further to the non performing loans (NPLs) and unemployment in private sector. He said the textile industry was expecting a reduction in interest rates to single digit as the industry was accruing heavy losses on present levels amidst unprecedented energy crisis in the country. Akber also criticised the State Bank of Pakistan approach on curbing inflation through high mark up, as major borrower of the banks was the government and not the private sector.

Published in The Express Tribune, December 2^nd, 2011.