Pakistan Industrial and Traders Associations Front (PIAF) has urged Governor State Bank of Pakistan (SBP) to avoid increasing the mark-up rate as it would be detrimental to trade and industry.
In a statement issued on Tuesday, Chairman PIAF Irfan Qaiser Sheikh urged the newly appointed SBP Governor Shahid Hafeez Kardar to reject any proposal to increase the mark-up rate,saying that it is already too high when compared with that of developed countries where the rate of mark up is in single digit.
It would be wiser on the part of the government if it announces cut in interest rates,stated PIAF chairman.
He said that further hike in mark-up rate would not augur well for trade,industry or investment in the country.
He urged the State Bank Governor to take notice of the rising rate of inflation and initiate appropriate measures to bring it down.
Irfan Qaiser Sheikh has appealed to the government to ensure availability of equity to the business men at cheaper rates for new investments in the country.
He urged the government to strengthen the process of consultation with the private sector for economic policies review.