Abdul Majid Haji Muhammad, Chairman, Banking and Insurance Sub-Committee of Karachi Chamber of Commerce and Industry (KCCI), has expressed his surprise and serious concern over State Bank's non-inclusion of the views of the business community in its recent decision regarding use of Karachi Inter-Bank Offered Rate (Kibor) as a valid reference rate for corporate lending by banks from 31st January, 2004.
Commenting on a news item, appeared in a section of the press on 22nd January 2004, Majid lamented that "it is astonishing that such an important decision has been made between the banks and the central bank without taking into consideration views or consent of the most important stakeholders ie business community."
He also said that in order to have a conducive, growth-oriented environment, the State Bank should have taken into consideration our views on this issue.
"The main stakeholders ie business & industry, have been kept aside when the said decision was being taken. However, there is still time, therefore, the State bank, before putting this decision into practice, should give an opportunity of thorough discussion into the matter to key partners ie the business community by convening an emergency meeting with the representatives of trade & industry regarding the issue so that the businessmen may express their views on the matter," Majid added.
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