KARACHI: Central Chairman Pakistan Yarn Merchants Association (PYMA), Saqib Naseem has appealed to advisor to the Prime Minister on Finance and Revenue Shaukat Tarin to reduce interest rates immediately to save trade and industry from collapse, so that the traders have easy access to capital and they can continue their business and industrial production activities while overcoming all difficulties. Otherwise, business and productive activities will halt, which will have a very negative impact on the economy.

While expressing deep concern over the non-reduction of interest rates by the State Bank of Pakistan despite the demands of the business community, he said that it has recently increased interest rates by 150 basis points, and news was circulating for increasing interest rates further in the coming days, which will have a devastating effect on the corona-hit economy.

Copyright Business Recorder, 2021