Pakistan Industrial and Traders Associations Front seeks State Bank of Pakistan’s help against banking spread that is fast going out of proportion
Lahore, March 19, 2013 (PPI-OT): Pakistan Industrial and Traders Associations Front (PIAF) on Tuesday sought State Bank of Pakistan help against the banking spread that is fast going out of proportion and adding up to the cost of doing business in Pakistan that is already too high.
In a statement issued here, the PIAF Chairman Malik Tahir Javaid said that the banking spread in Pakistan is too high and is coming in big way in expansion of businesses therefore the State Bank Governor should intervene into the issue to ensure availability of cheaper money to the business community.
The PIAF Chairman said that Pakistani businesses were already heavily suffering because of the unavailability of cheaper money and if the banking spread is not controlled the industrial expansion and up-gradation would become a dream.
Malik Tahir Javaid said that it is very unfortunate that around the globe the businesses are facilitated in provision of liquidity but in Pakistan the situation is the other way round where the government itself was the biggest borrower.
The PIAF Chairman said that the high cost of doing business in Pakistan is hitting the domestic merchandise hard in the international market although they are the best of the best in quality terms.
He said that it is the duty of the State Bank to monitor the profits of the banking sector as well but a number of reports published in a section of press in recent days was enough to prove that banking profits are on the higher side instead of being at lower side.
For more information, Contact:
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
Phone: (92) 42 5123522
Fax: (92) 42 5123522