July 19, 2008	Saturday	Rajab 15, 1429

SIALKOT, July 18: A former Surgical Instruments Manufac-turers Association (SIMA) of Pakistan official has criticised State Bank of Pakistan’s (SBP’s) monetary policy, saying it overlooked international trade challenges and created problems for exporters getting loans from banks in the country.

Former SIMA chairman Chaudhry Amjad Ali Cheema told reporters on Friday commercial banks issued loans for home appliances and vehicles but they ignored exporters, industrialists and traders. He urged the government to check the practice by banks to save the industry.

He said SBP’s rules and regulations were only for exporters, while the commercial banks were spending huge amounts on their offices and publicity which remained unchecked by the SBP.

He urged the SBP governor to ensure the issue of licenses to commercial banks only on performance of these banks, besides directing them to ease loan process besides and issue soft loans to exporters.

He said surgical industry was suffering from a financial crisis and the SBP should pull the industry out of crisis.

Mr Cheema said the ratio of inflation was 11 per cent in Pakistan and one was unable to understand how people would deposit the valuables in the commercial banks on a seven per cent mark up ratio. —Correspondent