PESHAWAR: Business community in Khyber Pakhtunkhwa widely welcomed the passage of State Bank of Pakistan (Amendment) Bill 2021 with majority of vote, terming it as milestone achievement and important development for the smaller federating units.

The praise worthy remarks came during a joint meeting of traders and industrialists that was chaired by president of Sarhad Chamber of Commerce and Industry (SCCI) Muhammad Ishaq, here at the chamber’s house.

Eminent industrialists and traders, representatives of various stakeholders and sectors, exporters and importers were present during the meeting.

The legislation would rectify unjustified and inequitable credit lending that has been the long-standing demand of the smaller provinces, according to the participants of the meeting.

Before passage of the bill the loan disbursement by commercial banks against deposits from KP and Balochistan was 1.35 percent only, which after the passage of bill will increase to about 5 percent. This will help in more trade and industrialisation in both the provinces, speakers said.

Muhammad Ishaq lauded the efforts of leading businessmen of Khyber Pakhtunkhwa Senator Mohsin Aziz in the Senate, who presented the SBP (Amendment) Bill 2021 in the Senate.

Copyright Business Recorder, 2023