Disruption in trade due to lockdown: APTTA chief wants banks to be lenient on markups

The Chairman of All Pakistan Timber Traders Association (APTTA), Muhammad Sharjeel Goplani, has said that the State Bank of Pakistan should advise the commercial banks not to charge any markup since the announcement of the lockdown.
In a letter to Prime Minister Imran Khan and Federal Minister for Maritime Affairs Syed Ali Haider Zaidi, he said that due to the lockdown, the entire commercial chain had been disrupted. Due to this reason there was a severe liquidity crunch in the markets, he said.
"The documents cannot be released by the importers as people are advised to stay at home. All the means of commuting and transportation are lying suspended because of which no one can reach the bank to retrieve their import documents," he said.
"Only when the documents are retrieved can one move forward towards the clearance of the cargo. There is almost no staff in the banks, in the customs offices and in the transporters offices due to which the documents cannot be processed," said Goplani.
"There is no possibility to have the cargo lifted from the port and transported to the warehouses because of the very limited number of the staff. Due to this reason the cargo is incurring heavy detention and demurrage charges," said the APTTA chief.
He urged the prime minister to deal with this matter on a priority basis so that the unrest among the importers could come to an end, and the people of Pakistan could look forward to the continuation of healthy and fruitful business activities.