Boosting Textile Exports: APTMA Calls for Reduction in Interest Rates
The chairman of the All Pakistan Textile Mills Association (APTMA) has emphasized the need for a significant reduction in interest rates in Pakistan to stimulate textile exports. Kamran Arshad, the APTMA chairman, has urged the Monetary Policy Committee to lower interest rates by 400 basis points, citing the current high rate as a hindrance to growth in the textile sector.
Arshad highlighted the impact of the unsustainable effective interest rate of 10.6% on the industry and stressed the importance of implementing bold measures to decrease borrowing costs. Despite a decrease in inflation to 6.9%, the interest rate remains at 17.5%, presenting substantial challenges for the sector.
According to Arshad, an immediate reduction in interest rates is essential for economic recovery and job creation, as the current borrowing costs threaten the stability of the textile industry. Lowering interest rates is crucial for promoting economic growth and employment opportunities in the country.
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