Traders demand cut in interest rateJuly 10, 2014
Karachi: SITE Association of Industry Chairman, Younus M. Bashir, while apprehending that the prevailing interest rate @ 10% would stay in the forthcoming monetary policy, has urged the State Bank of Pakistan to bring down the interest rate to at least 9% to spur industrial growth.
According to Younus M. Bashir, the high interest rates are crippling the industrial growth and need to be reduced. Despite higher inflation all the major economies had either curtailed or are in the process of reducing high interest rates to protect their economies, he added.
Younus M. Bashir further expressed that high mark-up rates are one of the biggest hurdle in the way of investment in the country. He said that the mark-up rates are very high in Pakistan as compared to other countries in the world and demanded that it should be brought to at least 9% from the existing 10% so that industry wheel keeps rolling otherwise closing of industrial units would result in massive unemployment.
Chairman SITE Association, Younus M. Bashir also said the present regime was making out its best efforts for economic revival of the country and cut in interest rate would be a bigger relief to the industrial sector.