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PHMA expresses concern over increase in policy rate
FAISALABAD: Mian Farrukh Iqbal, Chairman of the Pakistan Hosiery Manufacturers & Exporters Association (PHMA), North Zone, has expressed serious concern and strong reservations over the State Bank of Pakistan’s decision to increase the policy rate by 50 basis points to 12 percent, warning that the move will adversely affect Pakistan’s textile and hosiery export sector. He stated that the increase in the policy rate at a time when exporters are already facing high production costs, expensive energy, rising operational expenses and intense international competition is highly disappointing. I...
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