KCCI criticises raise in interest rate

President Karachi Chamber of Commerce and Industry (KCCI), Muhammad Saeed Shafiq has criticised the recent decision of State Bank of Pakistan to revise the interest rate to alarming 14 percent, third time in five months by 50 basis points. In a press statement, the KCCI President said, the upward revision would multiply the already high inflation and would increase the cost of production that would further paralyse the industries.
He stressed that the government should control its money minting enterprises like PIA, Wapda, Railways, Steel Mill which are eating up precious Rs 215 billion annually. Shafiq said that the government should bring feudal into tax net. The manufacturing concerns and business units are on the verge of collapse, and the government is putting more burden of taxes on them, which is unfair and absolutely rejected.-PR