ONLINE
LAHORE
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) expressing serious concern on current monetary policy underlined the need for immediate cut in markup rate to boost trade, industry and economy.
Talking to a high level delegation of leading industrialists and traders here today at the residence of veteran trade leader and Chairman United Business Group Iftikhar Ali Malik, FPCCI President Engineer Daroo Khan Achakzai said the apex body of trade interacted with the Governor State Bank and Presidents of the banks of Pakistan a couple of days ago to overview the fiscal and monitory policies, economic growth, credit expansion, and performance of the agri, manufacturing, service sectors of our economy.
He also asked the State Bank to focus on regulating government spending and unabated borrowing instead of increasing bank interest which will affect the industrial sector. He further said the export oriented industry is fast losing markets in the USA and European Union due to the increased cost of doing business.
Daroo Khan also pointed out that public money in commercial banks is being utilized to finance the fiscal deficit, which is creating a saving-investment gap in the economy that is also leading to several economic problems including unemployment, inflation and disinvestment. He said that public money should be utilized for enhancement of trade and investment activities through bank loans at a lower interest rate.
