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Rate hike to raise working-capital costs: PTEA
FAISALABAD: Textile export industry has expressed grave concern over the State Bank of Pakistan’s decision to raise the policy rate by 50 basis points to 12.0 percent, terming the move a severe blow to an industry already buckling under an unprecedented cost-of-production crisis. In a statement on Monday, Pakistan Textile Exporters Association (PTEA) Chairman Rehan Naseem Bharara said the industry was grappling with expensive energy, financing and other essential inputs. The rate increase, he said, would raise working-capital costs, constrain investment and make it harder for businesses to com...
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