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LCCI hails cut in mark-up on loans

RECORDER REPORT

LAHORE: Acting president of the Lahore Chamber of Commerce and Industry (LCCI), Sheikh Mohammad Asif, has welcomed the government's decision to decrease mark-up on loans by two percent.

In a Press statement issued here on Wednesday, he praised Finance Minister Shaukat Aziz for taking this decision but added that it must be effective across the board, including locally manufactured machinery (LMM), export financing facility and other modes of financing.

Asif said that the decision was timely as it would help the manufacturing sector to off set increasing production costs. This in turn will make Pakistani products more competitive in the international market and boost export volume.

Asif urged the State Bank of Pakistan to ensure compliance of this directive by all banks. The results, he stated, will be evident in speedy revival of economic activity in the country.