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SBP urged to review increase in markup

SIALKOT, Nov 16: The Sialkot Chamber of Commerce and Industry (SCCI) has criticised the increase of 0.50 per cent in mark-up rate and termed it an anti-industry.

At a press conference on Saturday, SCCI president Dr Sarfraz Bashir said that the increase in mark-up rates would bring a new wave of hike in prices of all commodities, and add to the economic adversity.

“At this stage, reduction in mark-up rates and in inflation is vital to stablise the export sector, enabling exporters to work hard with full peace of mind and dedication for strengthening and enhancing national exports on priority,” he commented. Dr Bashir said the export sector is seeking early provision of all possible facilities by the government in these tough economic times.

He further added that due to lack of basic facilities, export sector in Sialkot was unable to fulfill demands of foreign orders in time.

He emphasised that the export sector is finding it difficult to survive and needs all the support it can get from the government to carry on the business. He urged the governor of State Bank of Pakistan to immediately review increase in mark-up and stressed that it should be brought down to single digit to save the struggling industries.