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PHMA concerned over SBP's decision to raise policy rate
LAHORE: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has expressed serious concern over the State Bank of Pakistan’s decision to raise the policy rate by 50 basis points to 12 percent. The association warned that higher borrowing costs will further erode the competitiveness of the country’s export-oriented industries. In a press statement issued on Wednesday, PHMA North Zone Senior Vice Chairman Izhar-ul-Haq said the increase came at a time when exporters were already struggling with high production costs, expensive financing and intense regional competition. He said Pak...
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