Lahore: During State Bank of Pakistan (SBP) Governor Dr Reza Baqir’s recent visit to the Lahore Chamber of Commerce and Industry (LCCI) on Friday, the chamber’s President Mian Tariq Misbah urged the central bank to develop ‘a bankable and viable structure for increasing the lending to the housing sector’, according to news sources.
Reportedly, on the occasion the SBP governor reiterated that the commercial banks had been told to increase housing finance to 5% of their total loan portfolio by December 2021. This increase in lending is expected to help uplift 20 to 30 housing sectors.
The governor further revealed that a Pakistan Credit Guarantee Corporation was being established, under which the banks would be provided with 60% risk cover for giving loans to Small and Medium Enterprises (SMEs). He also urged the business community to avail the Temporary Economic Refinance Facility (TERF) that was available till March 30, 2021.
Meanwhile, during the meeting, the LCCI President also highlighted the loses and complications being suffered by the city’s traders and business community during the recent months. He took the opportunity to appeal to the central bank to reduce the interest rate from 7% to 5% — as is the practice in other regional economies.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
