President Islamabad Chamber of Commerce and Industry (ICCI) President, Zahid Maqbool, here on Thursday called for reducing the banking spread to accelerate economic growth in the country. He said that the banking spread has increased from 5 percent in September 2008 to 7.4 percent in September 2009, which he said was impeding the growth of business and economic activities.
The President ICCI stressed that the spread should be reduced as low as 3.5 percent to pay a positive rate of return to depositors, and thereby play a positive role towards the development of the economy. Maqbool pointed that though the banks deposits increased to Rs 4.162 trillion in September 2009, showing a growth of 10 percent as compared than 9.15 percent a year before, but these are still far below than the average growth of 18.5 percent witnessed between 2002 and 2007.
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