A business leader in Karachi is calling on Pakistan's government to take action on the cost of commercial banks' letters of credit (L/Cs), which he feels are too high.

The president of Karachi Chamber of Commerce and Industry (KCCI), Abdul Majid Haji Muhammad, also called for a seat for KCCI on the board of directors of the State Bank of Pakistan (SBP).

Excessive charges

Muhammed says that commercial banks are charging excessively, especially for L/C openings.

He argues that banks are overcharging for other services too, including account openings and bank transfers.

Representation

The business leader says small traders and the public were suffering from the imposition of what he described as unjust charges, at a luncheon meeting in honour of the SBP governor, Syed Saleem Raza.

Muhammad also used his address to demand that the government provide KCCI with representation on SPB's board of directors, which he reckoned would assist the central bank make decisions more in line with national business interests.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.