KARACHI 18 July (Online): Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry (ICCI) has called upon the government to urge the SBP to withdraw hike in its benchmark interest rate, which has been increased to 15 percent, in order to save the economy from further troubles.
It has emerged on Monday
Muhammad Shakeel Munir said that the benchmark interest rate in Malaysia was only 2.25 percent, Indonesia 3.5 percent, China 3.7 percent, Bangladesh 4.75 percent and India 4.9 percent, but it was 15 percent in Pakistan due to which it was not possible for our private sector to compete effectively for promoting trade and exports.
He said that such a massive hike in policy interest rate would prove disastrous for industries and the SME sector as these sectors needed cheap loans for growth and expansion. He strongly demanded that the government should intervene and get the SBP’s decision withdrawn with immediate effect to save the private sector from more problems.
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