KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Mohammed Tariq Yousuf said the finance minister’s decision to raise the LCs’ limit from $50,000 to $100,000 was undoubtedly a pro-business move which was being demanded by the Karachi chamber since long.

“This would help in expediting 8,000 cases of suspended Letters of Credit (LCs) and we are delighted to see that the State Bank has been directed to start clearing the LCs from today,” he added.

Appreciating the finance minister’s announcements to keep petroleum prices unchanged and extend the last date for filing Income Tax Returns till Nov 30, he said the business community warmly welcomes these announcements and the determination being exhibited by the government to pay special attention to the issues and recommendations of the business and industrial community.

He was of the opinion that the government was trying its best to provide relief to the business and industrial community despite facing severe economic challenges.

Thanks to the sincere efforts being made by finance minister, Pakistani rupee had one of the strongest performances in Asia in October, rising by 3.3 percent against the dollar. “Effective strategies have to be defined and implemented to bring down dollar below Rs 200 level which would provide a huge relief to our economy which is overburdened with foreign debts.”

He further suggested that fuel adjustment surcharge being charged from the industry needs to be rescinded as the same was creating issues for the General Industry and SMEs who were the backbone of country’s economy and need to be protected.

Copyright Business Recorder, 2022