Reduction in rates demanded

Five per cent decrease in export refinance rate is being demanded by Sialkot Chamber of Commerce and Industry (SCCI).

SIALKOT: A five per cent decrease in the export refinance rate has been demanded by the Sialkot Chamber of Commerce and Industry (SCCI).

Talking to The Express Tribune, SCCI president Ghulam Mustafa Chaudhary also said that the mark-up rate on all loans should be brought down to single digit in order to boost exports.

“This direly needed step would bring down cost of production and cost of doing business in the country,” said Chaudhary.

He added that the export refinance rate had risen to 10 per cent and commercial banks were providing business loans at around 18 per cent, which was proving detrimental for exports.

Published in The Express Tribune, October 21^st, 2010.