ISLAMABAD – The Lahore Chamber of Commerce and Industry has urged the StateBank of Pakistan to bring down the mark-up rate to single digit in thelarger interest of trade, industry and economy.
In a statement, LCCI President Irfan Iqbal Sheikh said reduction in mark-uprate from existing 13.25% to single digit will be a great favor to theindustrial sector.
It will help the government to attain the target of industrial growth, willreduce the cost of product and will also bring capital of the banks intocirculation.
The LCCI president said Pakistani products cannot compete in theinternational market to those countries which are offering capital to theirindustries on zero or less than one percent mark-up rates.
He said that policy rate increased to 13.25 in July 2019 as compared to6.5% in May 2018.
LCCI Senior Vice President Ali Hussam Asghar and Vice President Mian ZahidJawaid Ahmad urged the State Bank of Pakistan to announce at least 400basic points cut in mark-up rates in the upcoming monetary policy.