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Exporters of finished leather goods demand preferential rates from financial institutions to counterbalance difficulties in export and import transactions.
During a meeting with the Governor of the State Bank of Pakistan (SBP), representatives of the Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) asked that lower loan rates be offered to finished goods’ exporters. Fawad Ijaz Khan, Chairman of PLGMEA, said that "finished goods exporters should be charged reduced mark-up rates on ERF Loans at 3%, and other exporters of raw materials and semi-finished products should be charged 6%”.
The Governor was also asked to facilitate the 4% incremental rebate claimed by the leather garments and leather goods exporters.
According to Khan, the exporters constitute the major source of employment in the country. During the meeting, he also discussed the concerns over the financial transactions with Iran, one of the major trading partners. Iran is an important source of finished leather to Pakistan but they face problems because the international sanctions imposed on the country, which oblige transactions to be carried out in Dirhams via Dubai.
According to SBP, normal trade with Iran will to continue once the international sanctions are lifted after February 2016.
Source: Business Recorder