Sunday January 23, 2022

FCCI terms rise in mark-up detrimental to economy

November 24, 2021
FCCI terms rise in mark-up detrimental to economy

FAISALABAD: Faisalabad Chamber of Commerce & Industry (FCCI) president Atif Munir Sheikh Tuesday said an increase in mark-up rate would be detrimental to national economy and would be tantamount to stopping growing exports.

Commenting on the recently held meeting of the Monetary Policy Committee of the State Bank of Pakistan (SBP), he said the majority of the business community belongs to the SME sector with limited financial resources. He said they have to depend on loans and an increase in mark-up will add an additional burden on them instead of bringing down the cost of production.

“Depreciation of Pakistani rupee will further complicate the business of import and export”, he said and added that the SBP has totally ignored the interests of the business community. “Recent increase in mark-up will make our exportable surplus uncompetitive in the global markets'', he said and maintained Special Assistant to Prime Minister Abdul Razak Dawood has made hectic efforts to put the exports on a growth trajectory but this increase will nullify his serious efforts and further squeeze our export earnings and foreign exchange reserves. He demanded the government intervention and withdraw this unjustified increase in mark-up rate.