Pakisthan:PRGMEA hails Ministry of Commerce

Dawood Usman Jhakura, Zonal Chairman, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) in a press statement has welcomed the criticism of Ministry of Commerce, Government of Pakistan, on State Bank of Pakistan (SBP)s tight monetary policy.
He said that during the current financial year monetary policy of SBP could not give its desired results, as the core objective of controlling inflation and narrowing trade imbalance could not be achieved. Furthermore, higher interest rate increases export finance rates and makes the capital input more expensive, which increases Pakistans cost of production and makes it less competitive in international markets.

Dawood Usman Jhakura further said our competitors are decreasing their interest rates and providing incentives to the exporters, which is decreasing their capital input cost and their export products are becoming more competitive in international market as compared to Pakistan. He urged the relevant authorities to take immediate remedial steps in this regard and provide level playing field to its exporters.

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Source:Asia Pulse Data Source via COMTEX