Over 60pc bank loans given to textile sector, businesses: SBP Governor

KARACHI: Governor State Bank of Pakistan (SBP) Reza Baqir said that the central bank has disbursed its 60 percent loans to the textile and other key sectors of the country in order to improve exports, ARY NEWS reported.    

Speaking at an event, 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.

While detailing measures for development of textile sector in the country, Governor Reza Baqir said that 60 percent 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 and there is need to take advantage of it.

It is pertinent to mention her 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.

The details were shared by Senator Faisal Javed Khan, a close confidante of Prime Minister Imran Khan, from his Twitter handle.

While sharing a graph of textile exports in the country, Faisal Javed shared that the country’s exports have reached a record high in a month after they reached Rs1.55 billion in January 2022.

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