ISLAMABAD, July 25 : Lahore Chamber of Commerce & Industry (LCCI) President Mian Nauman Kabir has urged the State Bank of Pakistan (SBP) to take notice of the arbitrariness of private banks which are not opening the letters of credit (LCs) and charging Rs10 to 20 extra from the inter-bank rate of US dollar.

Talking to a group of businessmen on Monday, LCCI President Mian Nauman Kabir said that the silence of the SBP on these issues is not only surprising but also alarming. He said the SBP should intervene immediately before the situation further aggravates, according to a press statement issued by the LCCI.

The LCCI president said that the banks are taking full advantage of the helplessness of the business community and are charging 10 to 20 rupees extra from the inter-bank rate of US dollar. The business community is facing huge difficulties in opening letters of credits (LCs) because of the non-cooperative attitude of the banks.

He said the business community is the backbone of the economy as the government generates more than 90 percent of its total resources from this sector. “The business community needs due facilitation for an enabling business atmosphere in the country,” he said.

The LCCI president said that the economy is already facing severe challenges and lack of cooperation from the banking sector will add fuel to the fire. “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 letters of credit without any hindrance and also not to charge extra amount from the business community as far as inter-bank rate is concerned,” he said, adding that the SBP should direct all the banks to play the role of a facilitator instead of adding to the miseries of the business community.

Credits: INP-WealthPk