Pakistan Industrial and Traders Associations Front (PIAF) has urged Governor State Bank of Pakistan to avoid any further increase in mark-up rate as it would be detrimental for both trade and industry. PIAF Chairman Irfan Qaiser Sheikh said the newly appointed SBP Governor Shahid Hafeez Kardar should reject any increase in the mark-up rate, already too high as compared to developed countries where its is in single digit.
It would be wiser on the part of the government if it announces cut in interest rates, he added. He cautioned that at a time both the trade and industry are facing multiple issues and passing trough the most challenging times of the history and both foreign and local investment are going down, any further hike in mark-up rate would make things further complicated.
Sheikh also urged State Bank governor to look into the fast surging rate of inflation and take appropriate measures to bring it down. The government would have to ensure availability of equity to the business-doing people at cheaper rates for the sake of new investments in the country, he stressed.
PIAF Chairman said the government would also have to strengthen the process of consultation with the private sector considering that it is the real stakeholder when it comes to economic policies of the country. He said it is a known fact that no policy could work unless and until it has the backing of those for whom it is being evolved. He also said the government would have to tighten its belt to get out of the economic mire.