Home / Knowledge / News / Textiles / APTMA raises concern over SBP's hike in interest rate
APTMA raises concern over SBP's hike in interest rate
19
Sep '13
The All Pakistan Textile Mills Association (APTMA) has raised concerns over the State Bank of Pakistan’s (SBP) move to increase the Reverse Repo (Ceiling) rate by 50 basis points, describing it as ‘a blow to the industry’.
 
According to a statement, the APTMA zonal chairman Yasin Siddik said the textile sector has invested over US$ 400 million on new technology during the last six months as the central bank gradually eased its monetary policy.
 
The SBP’s upward revision of the interest rate would hinder the investment made in the industrial sector and result in expansion of defaulters’ list, he added.
 
The APTMA zonal chairman said the country’s textile exports have increased by eight percent as the central bank lowered the interest rate from 13.5 percent to 9.5 percent during the last one year.
 
Mr. Siddik explained that the reduction in mark-up rate also had a positive impact on the non-performing loans (NPLs), which had been rising rapidly since 2008.
 
In view of the same, the APTMA official urged the SBP to revise the decision in the greater interest of the economy.
 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: European Commission/European Union

Textiles | On 26th May 2018

EU set to negotiate FTAs with Australia & New Zealand

The European Union is all set to begin negotiations for free trade...

US bans import of cotton goods from Turkmenistan

Textiles | On 26th May 2018

US bans import of cotton goods from Turkmenistan

The US Customs and Border Protection (CBP) has issued a Withhold...

FPCCI prepares report on Pakistan's export issues

Textiles | On 26th May 2018

FPCCI prepares report on Pakistan's export issues

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search