KARACHI, April 11: Textile ancillary industry has taken strong exception of the recent hike in export refinance rate by 0.5 per cent bringing the total rate to 6 per cent. Patron-in-Chief of Towel Manufacturers’ Association of Pakistan (PTA) S. M. A. Rizvi in a statement issued here on Monday said that this increase was hurting textile industry, particularly the value-added export products like towel, bedlinen, garments, and knitwear.

He further said that during the last nine months there had been a total increase of 3.5 per cent. The quota-free regime from this year had already been giving a very tough time to textile sector and the recent hike in export refinance rate would have adverse impact on exports.

Mr Rizvi urged the State Bank to reduce the refinance rate for achieving export target for the current fiscal year.