LCCI urges SBP to bring down the mark up rate to single digit

The Lahore Chamber of Commerce and Industry has urged the State Bank of Pakistan to bring down the mark up rate to single digit in the larger interest of trade, industry and economy.

In a statement, LCCI President Irfan Iqbal Sheikh said reduction in mark up rate from existing 13.25% to single digit will be a great favor to the industrial sector.

It will help the government to attain the target of industrial growth, will reduce the cost of product and will also bring capital of the banks into circulation.

The LCCI president said Pakistani products cannot compete in the international market to those countries which are offering capital to their industries on zero or less than one percent mark up rates.

He said that policy rate increased to 13.25 in July 2019 as compared to 6.5% in May 2018.

LCCI Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad urged the State Bank of Pakistan to announce at least 400 basic points cut in mark up rates in the upcoming monetary policy.

Source: Radio Pakistan