LCCI hails cut in Export Refianance rate

Sameer Nazir
KARACHI:
The President Lasbela Chamber of Commerce and Industry (LCCI) Yakoob H Karim has welcomed the cut in the export refinance rate to 6 per cent from 7.5% by th State Bank of Pakistan. He said that LCCI appreciates the kind gesture of Governor SBP as he quickly responded to the demand of LCCI in this regard and hoped that this move would accelerate exports to some level. Yakoob said that it was a step in the right direction and the entire export sector has hailed this decicion. LCCI Chief said that the decrease in cost of bank borrowing would reflect positively on country’s exports in term of competitiveness. Above all, the business community would now settle their bank liabilities and get the relief. The decision has come at a time when exports to Europe were facing difficulty owing to declining exchange rate of the euro against Pakistani rupee. However, reduction of up to 1.5pc in mark-up rate would help exporters of leather goods to properly negotiate with European buyers for the upcoming summer and autumn season, particularly when they were already demanding reduction in prices. He however said that he had demanded o the SBP to reduece refinance rate to at least 5.5 per cent and a further reduction would be needed to draw real benefit of the scheme for enhancing exports. In support of his demand. He said there should be further cut in export refinance rate which is presently 29pc less than the discount rate. He further hoped that export finance rate to the minimum level would also help exportser to utilise GSP Plus sceheme offered by European Union.

LABOUR DEPARTMENT DECLARES HOLIDAY FOR WORKERS ON 5THFEBRUARY

Sameer Nazir
KARACHI:
Labour & Human Resources Department, Government of Sindh has declared 5th February, 2015 (Thursday) as public holiday on the occasion of Kashmir Solidarity Day and shall be observed by all the workers in the province of Sindh.
MINISTER HEALTH PAYS SURPRISE VISIT TO MONGHOPIR R.H.C.

Sameer Nazir
KARACHI:
Provincial Minister for Health Jam Mehtab Hussain Dahar paid a surprise visit on Wednesday and found that all doctors and medical staff were absent from their duties. Taking serious notice of negligence, Minister Health Jam Mehtab Hussain Dahar has issued explanation to seven doctors of Monghopir Rural Health Centre and directed District Health Officer concerned to submit report in this regard within 48 hours. He said that strict action would be taken against absentees and no one would be spared.