Staff Reporter
Sialkot
Muhammad Ashraf Malik, President Sialkot Chamber of Commerce & Industry, Monday, lauded the announcement of a cut in the interest rate by 100 basis points to 7 % by the State Bank of Pakistan. The President SCCI said that it was the most positive decision by the Government which was welcomed by the whole business community, as it would be considered as a relief during the time of crisis for the export industry of Pakistan. He was of the view that this step would have promising results in terms of the country’s growth prospects and would also serve to gain the investors’ confidence apart from encouraging industries to invest more in their ventures. Malik also said that the 5th time reduction in the interest rate in four months would provide immediate liquidity to homes and businesses so as to avoid defaults and contain unemployment. The President Chamber was completely satisfied by the overall reduction of 625 basis points in the space between March 17 and June 25, from the relatively high 13.25pc to 7pc.
