Pakistan Flour Mills Association - Punjab Branch Chairman Haji Muhammad Ibrahim has urged the State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar that interest rate on loans to be given to flour mills for wheat purchase should be reduced.
In a letter to the SBP Governor, Ibrahim said presently the rate of interest was two to five per cent above KIBOR; hence it should be brought down to one per cent.
He urged the State Bank Governor to take immediate notice, as reduction in interest rate was essential for flour milling sector, agriculture development and appropriate payment to peasants of their labour.