KARACHI: The State Bank of Pakistan’s move to increase discount rate by 150 basis points to 8.75 per cent will multiply the woes of the auto parts manufacturers, the Pakistan Asso­ciation of Automotive Par­ts & Accessories Manufac­turers (Paapam) said on Monday.

Paapam Chairman Abdur Razzaq Gauhar urged the SBP to bring down the interest rate to 7pc to encourage industrial expansion and growth which would bring in fresh investments and create jobs for millions of young people entering the job market every year.

The Paapam chief said the interest rate hike would lead to a crisis of unforeseen proportions for the industrial sector in general and the auto parts sector in particular.

“The auto parts manufacturers are currently struggling to survive under the impacts of rising cost of raw materials and freight, rupee fall against the dollar, higher minimum wages and expensive energy,” he added.

Published in Dawn, November 23rd, 2021

Editorial

27 Nov 2021

Supporting ECP

ALTHOUGH the government bulldozed legislation on electronic voting machines through parliament, the reality is that...
27 Nov 2021

Forgiving the Taliban

IF there is one takeaway from Thursday’s gathering of more than 1,000 Shia Hazaras in Kabul, it is the call given...
Living in fear
Updated 27 Nov 2021

Living in fear

THE registration of a blasphemy case against four members of a family from a village on the outskirts of Lahore has...
26 Nov 2021

State Bank’s projections

THE macroeconomic projections listed by the State Bank of Pakistan in its annual report on the nation’s economy...
Ad distribution
Updated 26 Nov 2021

Ad distribution

If present govt can muster will to achieve this task it would set a solid precedent that no future govt would find easy to undo.
26 Nov 2021

Messy passengers

NEWS that passengers on a PIA flight from Manchester to Islamabad left so much litter on the plane that it led to a...