Trade and Industry leaders have urged the State Bank of Pakistan (SBP) to immediately announce cut in interest rate, which is a pre-requisite to enhance productivity in the industrial sector and a necessary step to give boost to trade activities in the country.
The office bearers of different trade bodies at a meeting chaired by Pakistan Industrial and Traders Association Front (PIAF) Sohail Lashari raised their demand. They said that availability of cheaper money to the businessmen is only way to cut joblessness and control inflation. They said that there is a dire need of cut in mark up rate at a time when the whole industry was badly suffering due to unprecedented energy crisis, high cost of doing business and was complaining of being uncompetitive in the global market.
They said that huge trade deficit, current account deficit, high savings and investments gap, huge government borrowings and persistent high inflation including food inflation would leave a very negative impact on the national economy if SBP does not bring the mark up rate to the single digit.
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