PCMEA Hails State Bank Of Pakistan For Not Raising Interest Rate

The Pakistan Carpet Manufacturers and Exporters Association (PCMAEA) Monday welcomed the decision of State Bank of Pakistan (SBP) for not raising interest rate and called for bringing it down further to boost economic activities in Pakistan

LAHORE, (UrduPoint / Pakistan Point News - 25th Jan, 2021 ):The Pakistan Carpet Manufacturers and Exporters Association (PCMAEA) Monday welcomed the decision of State Bank of Pakistan (SBP) for not raising interest rate and called for bringing it down further to boost economic activities in Pakistan.

Addressing a weekly review meeting of the Association here, PCMEA Senior Vice Chairman Riaz Ahmed said, if the future vision expounded by the SBP governor, was implemented in its true spirit then the business community would welcome it.

However, he complained that some conditions put forward by SBP were causing difficulties in the export of handmade carpets which should be removed immediately.

He said Pakistan's hand-woven carpet products had a unique identity around the world but due to unfavorable conditions, other countries were strengthening their hold in global markets.

Riaz Ahmed urged the government to not only patronize the handmade carpet industry at the local level but also remove barriers for its marketing and exports.

"If the government sponsors us, we will be in a position to regain our lost share in the world markets," he concluded.

The meeting also discussed in detail the issues facing the carpet industry and the participants gave various suggestions for their solution.

The meeting was also attended by Chairperson Carpet Training Institute (CTI) Pervez Hanif, senior central leader Abdul Latif Malik, Saeed Khan, Muhammad Akbar Malik, Major (retd) Akhtar Nazir, Danial Hanif, Faisal Saeed Khan and others.