ICCI urges govt to reduce interest rate to promote economy


Islamabad Chamber of Commerce and Industry (ICCI) urged the government for reducing benchmark interest rate, which has been increased to 15 percent in order to save the economy from troubles. It said that hike would affect the growth of business activities and cause further slump in the economy.

In a press statement issued here on Monday, Muhammad Shakeel Munir, President ICCI said that the benchmark interest rate in Malaysia was 2.25 percent, Indonesia 3.5 percent, China 3.7 percent, Bangladesh 4.75 percent and India 4.9 percent, but it was 15 percent in Pakistan due to which it was not possible for private sector to compete effectively for promoting trade and exports. —APP


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