By Commerce Reporter
LAHORE, November 28 — The State Bank of Pakistan (SBP) and the Lahore Chamber of Commerce and Industry (LCCI) will jointly launch a QR code payment system for LCCI members.
Read also: Boom-bust cycle threatens Pakistan, SBP governor urges shift to global competitiveness
This system will allow members to make payments for Lahore Chamber services simply by scanning a QR code, promoting cashless transactions. The State Bank plans to expand this system across markets and businesses to support the goal of a cashless economy.
These views were expressed by Chief Manager Tariq Riaz during a meeting with LCCI President Faheem Ur Rehman Saigol at the Lahore Chamber. Executive Committee members Syed Salman Ali and Rana Shouban Akhtar also attended, along with Deputy Director of the State Bank, Fahad Ali.
LCCI President Faheem Ur Rehman Saigol highlighted that delays in approval of export refinance schemes and long-term financing affect the timely completion of orders. Banks often delay payments for machinery, raw materials, and other expenses, which disrupts production schedules. Excessive time taken in document verification causes shipment delays and increases the risk of order cancellations. Some foreign buyers delay payments, but banks strictly enforce realization periods. Small and medium exporters are often unable to compete internationally due to strict financing requirements. Export processing zones lack adequate banking facilities, forcing businesspeople to make multiple trips to cities. High bank markup rates are also reducing profit margins for Pakistani exporters.
During the meeting, a detailed discussion took place on the national economic situation, challenges faced by the business community, current banking policies, and the lack of financial facilities.
Faheem Ur Rehman Saigol told State Bank officials that businesses are under severe financial pressure due to increasing issues with Letters of Credit, working capital shortages, and strict bank requirements, which are slowing industrial activities. He emphasized that industrial and commercial growth is not possible without easy access to financing.
He added that LCCI’s consistent stance has been for the State Bank to maintain continuous contact with the private sector so that policies are based on ground realities. He stressed the need to make State Bank financing schemes easier, more transparent, and faster, especially for small and medium businesses.
Chief Manager Tariq Riaz of the State Bank said that the concerns and suggestions of the business community are important and are included in policy-making. He noted that the State Bank is in regular contact with the private sector and is working on various schemes to support business activity under current economic conditions. He also highlighted ongoing reforms in the banking system, digital financing, corporate finance, and special facilities for exporters.
LCCI President also raised important points regarding banking intercept policies, customer dealing, and improving service standards for businesspeople.
Both institutions agreed that the State Bank and Lahore Chamber will maintain regular communication so that business community issues can be addressed promptly, helping accelerate the country’s economic progress.
