SCCI welcomes 1pc interest rate cut by SBP

• The SCCI president said that the exports sector was already facing crisis due to the ongoing lockdown situation, as a number of their export orders had already been canceled by the foreign buyers.
• He also stressed that the industries which were allowed to operate under the standard operating procedures (SOPs) by the government would not be able to sustain any further due to supply chain issues.

SIALKOT: The Sialkot Chamber of Commerce and Industry (SCCI) has welcomed one per cent cut in interest rate by the State Bank of Pakistan (SBP).

In a press release issued here on Saturday, SCCI President Muhammad Ashraf Malik said that with the announcement, the interest rate has lowered from 9 to 8 per cent. He termed it a relief by the SBP for the export sector in the prevailing crisis.

The SCCI president said that the exports sector was already facing crisis due to the ongoing lockdown situation, as a number of their export orders had already been canceled by the foreign buyers.

He also stressed that the industries which were allowed to operate under the standard operating procedures (SOPs) by the government would not be able to sustain any further due to supply chain issues, and they face the threat of losing their exports orders eventually.

He urged that the federal government should allow vendors to open so that the supply chain of the export industry could manage to sustain their ongoing orders and may also contribute to betterment of crisis-stuck economy of the country.