KARACHI, Nov 19: All Pakistan Textile Mills Association (Aptma) chairman Anjum Saleem has urged the Governor State Bank of Pakistan, Dr Ishrat Hussain, to also lower the rates of export refinance and term finance.

He said the decision of the State Bank to reduce the discount rate by 1.5 per cent i.e. from 9 per cent to 7.5 per cent is a positive development.

However, Anjum Saleem said as a direct consequence of decrease in discount rate by 1.5 per cent, it was equally necessary that reduction in the rates of export refinance and term finance should also be made.

Saleem was of an opinion that discount rate reduction coupled with commensurate reduction in export refinance and term finance rates will be significantly instrumental in accelerating the pace of industrial production and exports.