Over 60pc loans given to textile sector, businesses: Reza Baqir

State Bank of Pakistan (SBP) Governor Reza Baqir said that in order to improve exports the central bank has disbursed its 60 per cent loans to the textile and other key sectors, according to a media report.

The SBP governor said that the exports could be improved through value-addition and they have lured the investors in the country through multiple incentives for local production.

“The SBP is also giving incentives to the commercial banks while we are also giving away loans for business development,” he said.

In addition to the measures taken for development of textile sector in the country, Reza Baqir said that 60 per cent of the loans disbursed by the central bank have gone to textile and other sectors.

“Loans were given on priority for small businesses,” he said and added that there are multiple opportunities for promoting exports in Pakistan, there is a need to take advantage of them.

It is pertinent to mention that Pakistan’s textile exports have reached new heights after they reached Rs1.55 billion in January 2022, the highest ever exports from the sector in a month.

“Pakistan has already left behind India and Bangladesh in the export of textile goods to the United States and European countries,” said Senator Faisal Javed.

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Monitoring Desk
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