Raise in discount rate may cause closure of industries: MCCI

President, Multan Chamber of Commerce & Industry (MCCI), Khawaja Muhammad Jalaluddin Roomi, has expressed grave concerns over the State Bank's decision to raise discount rate by 2 per cent and termed it another anti-industry conditionality of IMF describing it destructive for industry and exportable manufacturers.
He said that Industrialists and businessmen would not be able to run the industry in Pakistan if they follow IMF terms blindly. He said the decision could possibly cause closure of the industries across the country. "Our 40 per cent of the industry has been closed down and many are operating below their production capacities owing to high cost of input. It seems that our government is in complete grip of IMF because of which this anti-industry decision has been taken by the SBP," he said.