Karachi's businessmen criticize SBP on LCs crisis
Governor SBP assures all in his power to fix business community’s problems during KCCI, SPCCI visits
KARACHI (Dunya News) - The businessmen from Karachi have harshly criticised the State Bank of Pakistan (SBP) for continuing the crisis and the difficulties in establishing letters of credit (LCs).
SBP Governor Jameel Ahmad visited the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday. Businessmen asked Ahmad to at least order banks to establish LCs for wheat and pulses so that people could have something to eat.
The SBP governor had already visited the Federation of Pakistan Chambers of Commerce and Industry earlier in the day (FPCCI).
According to statistics gathered from municipal electricity use, industrial activity has decreased by 25 percent to 30 percent, according to Zubair Motiwala, chairman of Pakistan s Trade Development Authority (TDAP).
According to Motiwala the situation had become worse and there were currently about 6,000 containers stuck at the port.
Former KCCI chairman AQ Khalil also symbolically handed to the Governor the keys to the chamber and instructed him to administer the industry because it was now unable to function.
The SBP governor promised the business community that the central bank will do all in its power to fix their problems. He requested information from the KCCI on the stranded containers so that the problem could be resolved but the SBP Governor also warned that things would not return to normal unless the nation s current account problems were resolved.