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Bedwear industry slashes tight SBP policies

09
May '07
Bedwear Exporters Association (PBEA) Chairman, Shabir Ahmed, criticized the strict monetary policies of State Bank of Pakistan (SBP), which increased the interest rates.

Ahmed said that SBP in its attempt to regulate inflation and control product prices, had raised interest rates and inturn increased that risk of default.

Chairman explained that bedwear industry was in doldrums and said the exports dropped drastically in nine months of this fiscal. Industry may not be able to achieve the export target of $2.3 billion.

“We will hardly be able to make $1.8 billion worth of exports this year and it seems that we will not be able to match last year's remarkable performance of $2 billion,” he said at a press meet.

He said that bedwear exporters have lost market in EU and US, due to high production cost and low productivity as compared to competitor countries.

He further raged, “If SBP governor feels textile industry should die its own death, then perhaps the hundreds of thousands of workers laid off by the industry's closure could be re-employed at PIA and SBP.”


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