Pakistan
Monday, 04 July 2016
The State Bank of Pakistan (SBP) says that the nation’s financial system could face “dire consequences” if the textile sector worsens any further. SBP analysts say that the exposure of at least 9 banks working with the industry exceeds 100% of their equity, while 13 additional banks have exceeded 50% equity. They note that just a few defaults could cause widespread trouble for the greater system. (Fibre2Fashion)