KARACHI - Vice President, Karachi Chamber of Commerce and Industry Haroon Agar has urged the Governor, State Bank of Pakistan (SBP) to issue necessary instruction to all banks for strictly compliance of interbank foreign currency rates. The Chamber's Vice President elaborated that "The banks are not adhering to the inter-bank "market rates and taking the advantage of volatility in the currency market and are offering foreign exchange to the subscribers at higher rates, which tantamount to black marketing of foreign exchange particularly US Dollar". He added that despite tightening of monetary policy by increasing the discount rate by one percent, the banking sector was already earning record profits by charging unrealistic and exceptionally high interest rates, which is evident from wide spread between lending and deposit rates. Haroon Agar further said that "To curtail interest rates SBP surveillance and measures needed as it is detrimental to industrial growth which is already under tremendous pressure owing to high cost of doing business".