STAFF REPORTER
KARACHI Mian Anjum Nisar President, the Federation of Pakistan Chambers of Commerce and industry (FPCCI) appreciated reduction in the policy rates by 2 percent from 11 percent to 9 percent by SBP in view of the current situation and banks should follow SBP immediately accordingly. The reduction in policy rate by 4.25 percent in a month is commendable step of the government in the present situation that will positively affect cost of doing business and will encourage Investors and Industrialists to make new investment in the country. The president FPCCI also said that the pandemic COVID-19 has affected the global economy and pushed to the depression resulting contraction in the economic activities and a threat to unemployment