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Chairman APTMA welcomes reduction in bank mark up rate
11
Oct '11
Central Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz has welcomed reduction in bank mark up rate by 150 basis points to 12 percent and expressed the hope that the State Bank of Pakistan (SBP) move would lower the cost of credit for the private sector in Pakistan.

He appreciated the policy decision and further added that credit availability at globally competitive mark up is the way forward fir textile industry.

Chairman APTMA said the high interest rate by banks had discouraged the private sector earlier in availing credit earlier. The present reduction may enable the industry to avail the opportunity for short and long term investments in the country, he hoped.

However, he pointed out that the bank mark up was yet high in Pakistan comparing with the competitors. It should be brought down to single digit at the earliest, he said.

He explained that the textile industry cannot export inflation and high interest rate regime impacts negatively to the competitiveness of industry.

Chairman APTMA has urged the government to ensure immediate allocation of funds under the Technology Upgradation Funds Scheme (TUFS) for disbursement to the for textile industry for undertaking its pending investment decisions.

All Pakistan Textile Mills Association (APTMA)

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