LAHORE: State Bank of Pakistan (SBP) assured carpet manufacturing industry of resolution of their sole issues, it emerged.

According to reports, delegation of Pakistan Carpet Manufacturers and Exporters Association (PCMAEA) met top officials of State Bank of Pakistan and presented demands to maintain credit period as in past, besides asking for to lift ban on third-party shipments and apprised them of problems being faced by exporters due to dollar fluctuations and other long-standing issues. 

Delegation informed authorities of State Bank of Pakistan that hand-woven carpets industry is cottage industry, semi-finished raw materials come from Afghanistan after which final production of carpets is done at various places in Pakistan and keeping this in mind, instead of reducing credit period for exporters of handmade carpets, it should be kept as 270 days as in past.

“Exporters involved in hand-woven carpets industry are of good repute and have been doing business with foreign buyers from various countries and it is surprising that this restriction has been imposed by State Bank from which money will be received and shipment of products will also be gotten for same country,” Usman Ashraf, senior Vice Chairman informed SBP officials. State Bank assured demands will be taken into consideration and issues which require immediate resolution will be resolved without delay.

Published in The Daily National Courier, January, 02 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.