KARACHI: The Chief Executive Officer (CEO) of Trade Development Authority of Pakistan (TDAP) and patron-in-chief of Korangi Association of Trade & Industry (KATI), S M Muneer, President KATI Rashid Ahmed Siddiqui and Senator Abdul Haseeb Khan have appreciated the decision of State Bank of Pakistan (SBP) for lowering the markup rate by one percent.
In a statement issued here on Tuesday, they said that the lowering down of markup rate would entail banks to lend more money to the private sector for enhance the trade and business activities.
CEO TDAP S M Muneer said that on one hand, the general public will get loans on cheaper rates while on the other hand, the people will get lower interest on the investment schemes and bank deposits.
He termed the decision of SBP “a prudent one” which would result in reduction of deficit on our current account and repose confidence of investors.
S M Muneer further said that the deposit of SBP were stood at $9.1 billion in June 30, 2014 which rose to $12.5billion on May 15, 2015 and further improvement is also expected, this is due to good governance and lowering the price of petrol at international market.
Muneer further urged the Ministry of Finance that it should try its level best to clear the refunds on account of sales tax refund, so that the export could take benefits of lowering of interest rate.
President KATI Rashid Ahmed Siddiqui said that confidence of traders and businessmen will be increased on the government due to decrease in mark-up rate by SBP.
“As increase in business activities can only brings economic revolution and creation of job and lowering of mark-up rate would also resulting in decrease of consumers goods as it would have direct impact on the cost of production”, he added.
Prominent businessman Senator Abdul Haseeb Khan said that such decision is an important one for our nation as it would keep in overcoming the unemployment and revival of economy.
