Dr. Nouman Idris Butt, UBG’s Presidential Nominee for FPCCI Elections 2021 has expressed his concerns over the announcement of an increase in the interest rate by 150 basis points to8.75 % by the State Bank of Pakistan.
Dr. Nouman said that it was a rather aggressive decision on part of the Government that would shatter the confidence of the business community of Pakistan.
He was of the view that the interest rate hike would discourage industrial activity and would especially prove to be detrimental to the SME sector with limited liquidity. He termed it as a decision taken under the strict influence of the IMF.
