Karachi: The country’s business class has demanded that the government cut interest rates by up to 6 percent so that economic activities in the country can be revived and accelerated.
It should be noted that the interest rate in the country is currently 12 percent and according to government claims, inflation in the country is continuously decreasing.
The next meeting of the Central Bank regarding interest rate reduction will be held on March 10. The business community said that the federal government should immediately cut interest rates by 6 percent for the next 5 years and at the same time announce an incentive scheme for business people so that the construction industry can be revived once again and at the same time a loan scheme for small and medium industries should also be announced.
Speaking to Express in this regard, Ismail Sattar, a well-known industrialist and exporter from Balochistan, said that the best measure of interest rate reduction or increase is to monitor the inflation rate of the last three months.
Sheikh Muhammad Tahseen, President of the Federal B Area Association of Trade and Industry Karachi, also urged the State Bank to bring the interest rate to the single-digit range for a long time so that industries can borrow from commercial banks because due to low interest rates, industries will be willing to take loans from banks to promote and expand their business.
Arif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that after consultation and discussions with all industrial representatives and sectors, we demand that the interest rate be reduced by 5 percent immediately and it be aligned with the vision of the Special Investment Council.
