Grinding Mills Association of Pakistan (GMAP) President Chaudhry Iftikhar Bashir has welcomed the announcement of one percent cut in policy discount rates by the State Bank of Pakistan. He said that it will increase the business activities and further cut should be made in the discount rate.
In a statement issued here Tuesday, he said that the business community always direly needs loans on lower rates for setting up new industries or expansion of their business. So, he said that the reduction in mark-up rate would ensure decrease in their financial issues to a larger extent. Iftikhar Bashir said that setting up of new industries or expansion in business activities as a result of lowering mark-up rate would create new job opportunities.
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