State Bank’s decision welcomed

LAHORE: Trade associations on Friday welcomed the Central bank decision to restore advance payment facility for exporters, a statement said.

Hosiery Manufacturers and Exporters Association (PHMA) Punjab Chairman Adil Butt appreciated the State Bank of Pakistan to allow advance payments on imports of basic industry raw materials, which was restricted by the caretaker government, it added. He urged the government to give directives to the authorities concerned for early processing of outstanding sales tax refund claims.

The Lahore Chamber of Commerce and Industry (LCCI) also appreciated the restoration of advance payment facility and said the State Bank deserves appreciation for feeling the woes of the business community, the statement said. LCCI President Almas Hyder said that the government should also focus on making efforts to curb rising trade deficit.