AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) Chairman Abdur Razzaq Gauhar has deeply regretted the State Bank’s move to increase key policy rate by 250 basis points.

He lamented that tight monetary policy along with rupee’s sharp depreciation will multiply the current woes of the auto parts manufacturers, who are already facing severe liquidity crunch owing to three-fold hike in cost of raw materials and sea freight.

He requested that the interest rate should be brought back to single digit to encourage industrial expansion and growth, which will bring in fresh investments and create jobs for millions of young people entering the job market every year.

“The 2.5% upsurge in the interest rate has shocked the auto parts industry across the country while incessant depreciation of rupee has further crippled the national economy in this prevailing political turmoil.

Abdur Razzaq Gauhar showed great concern for his fraternity, saying it would be hard to do business after this destructive policy in Pakistan. “We do not think any investor will veer to Pakistan under such economic uncertainties,”

Gauhar added. An unprecedented and never-ending wave of inflation would force them to shift their operations seriously to business-friendly countries for survival. Inflated raw material, logistics, and energy would deeply affect the masses already struggling for the basics of life. The country has totally been left to IMF to suck the last drop of blood from the masses.

He appealed to the authorities to review these insensible people-killing monetary policies to ease the business community to enable them to move the wheel of the economy. He warned they were not far off the default if the corrective measures were not taken instantly.

Copyright Business Recorder, 2022

Comments

Comments are closed.