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Pakistan textile industry seeks cut in markup rate
05 Oct '12
1 min read
Representatives of the textile industry in Pakistan have urged the State Bank of Pakistan, the country’s central bank, to bring down the markup rate to at least seven percent, so as to enable the sector to compete with other countries in the international market.
Currently, the markup rates in China, Bangladesh, Sri Lanka and India are 6.56, 7.74, 7.75 and 8 respectively and hence the Government should reduce the markup rate to provide a level playing field to the country’s textile industry vis-à-vis that of other textile and garment exporting countries in the region, they said.
They said the State Bank of Pakistan has failed to arrest inflation through its tight monetary policy and therefore it should not continue to keep markup rate in double digit, as it has already adversely affected the country’s textile industry.
They cited the example of the US and Europe where interest rates have been reduced to nearly zero to save their collapsing economies and urged the State Bank to bring interest rates to single digit to boost the country’s ailing textile sector.
Fibre2fashion News Desk - India
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