Summary Indus motors sales went up 19 percent
LAHORE (Dunya News) – Nearly two lac cars were sold in the first nine months of the Fiscal Year (FY) 2015-16, Dunya News reported Tuesday.
According to Pakistan Automotive Manufacturers Association (PAMA), car sales rose by 21 percent taking the total to 1.94 lac.
Indus motors sales went up 19 percent while numbers of Pakistan Suzuki by 51 percent owing to Punjab Taxi Scheme. On the other hand, car sales on the whole went up by 11 percent in March. At least 17,600 cars were sold in the aforementioned month.
Experts have said that cut in interest rate and better economic activities are responsible for the boost.
The State Bank (SB) in the past week maintained six percent interest rate in its fifth monetary policy. The present interest rate is the lowest in 40 years.
Earlier in January the State Bank had kept the six percent interest rate unchanged.
While addressing a press conference at the time of announcing last monetary policy in January, State Bank Governor Ashraf Wathra had said that the private sector was acquiring more loans. He said that inflation rate was expected to remain four percent this year.
Improvement in large industries was evident while tax returns were increasing, he said.
Governor Wathra said that the negative impact of reduced production of cotton and rice could be compensated by improved production of wheat and other crops.
Talking about global payments, the Governor told that foreign exchange reserves had increased with the loan provided by International Monetary Fund (IMF) while foreign investment was expected to rise due to China-Pakistan Economic Corridor (CPEC).
Wathra added that the tax amnesty scheme for traders was a matter between the government and Federal Board of Revenue (FBR).
He said that the bank would welcome increase in filers’ numbers. He further said that SBP was considering the new situation after Iran sanctions were lifted. The decision on establishing banking links with Iran was to be taken after reviewing the situation then.
