Nauman’s wake-up call to SBP

Lahore, July 27, 2022 (PPI-OT):President of the Lahore Chamber of Commerce and Industry Mian Nauman Kabir has strongly demanded of the State Bank of Pakistan to take notice of the arbitrariness of the banks that are not opening the Letter of Credits (LCs) and charging Rs. 10 to 20 extra from the inter-bank rate. While talking to a group of businessmen, LCCI President Mian Nauman Kabir said that the silence of the State Bank of Pakistan on these issues is not only the surprising but the alarming. SBP should intervene immediately otherwise the situation will be further aggravated.

The LCCI President said that the banks are taking full advantage of the helplessness of the business community and are also charging 10 to 20 rupees extra from the inter-bank rate. “It seems that banks are independent and are not answerable to any authority as no one is asking them for what they are doing. Mian Nauman Kabir said that various members of the Lahore Chamber of Commerce and Industry have approached to the LCCI and informed that they facing huge difficulties to open Letter of Credits (LCs) because of harsh attitude of the banks who are also charging well extra amount from the inter-bank rate.

He said that the business community is the backbone of the economy as the government generates more than 90 per cent of its total resources from this sector therefore it can make a great contribution in turning Pakistan into one of the greatest nations in the world provided due facilitation and an enabling business doing atmosphere are ensured. The LCCI President said that the economy is already facing severe challenges and lack of cooperation from the banking sector to the business community will add fuel to the fire as without a due role of the businessmen, it will be almost impossible to put economy back on track.

“Instead of being a silent spectator, the State Bank of Pakistan should take immediate notice of the miseries of the business community and issue directions to all the banks to open letter of credits without any hindrance and also not extra amount from the business community as far as inter-bank rate is concerned”, Mian Nauman Kabir added. Mian Nauman Kabir informed the businessmen that recently he has fruitful meetings with the Federal Commerce Minister, Minister for Industries and Production, Chairman Federal Board of Revenue and Foreign Secretary.

He said that as a result of his meetings, the government accepted the LCCI demand and released the consignments stuck at ports and airports and granted one-time special permission to release the consignments to salvage the importers. He said that the State Bank of Pakistan should direct all the banks to play the role as facilitator to the business community instead adding to their miseries.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: http://www.lcci.com.pk/