Hike in SBP policy rate to hit business growth: ICCI

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Islamabad

The Islamabad Chamber of Commerce and Industry has expressed displeasure over the decision of the State Bank of Pakistan (SBP) to increase the policy interest rate from 7 percent to 7.25 percent, saying it will increase the credit cost for private sector and affect the growth and expansion of business activi-ties.

ICCI President Sardar Yasir Ilyas Khan de-manded that the government should withdraw the increase in interest rates and bring it down to below 5% in order to facilitate the growth of business ac-tivities, said a statement issued on Wednesday.

He said that the business community has been urging the government for a long time to reduce the interest rate to 4% that would help them to combat the impact of Covid-19 pandemic. -— TLTP

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