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Thursday, December 26, 2024

Home Business KATI demands major cut in interest rates

KATI demands major cut in interest rates

by News desk
March 12, 2020
in Business

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Staff Reporter

Karachi

Korangi Association of Trade & Industry has demanded a major cut to interest rate in upcoming monitory policy of State Bank.
In a statement released by association President of KATI Sheikh Umer Rehan, Senator Abdul Haseeb Khan, Senior Vice President Muhammad Ikram Rajput, Syed Wajid Hussain and members of executive committee of KATI urged the PM and Governor SCB to immediately decrease policy rate for the sake of survival of industry in the country.
Sheikh Umer Rehan said that with 13.25 interest rate industry couldn’t thrive, as it is already struggling the higher cost of production and others woes. He said that due to higher cost of production our industry has already lost its larger ground in international competitive market and because of higher policy rates industry were facing liquidity and other financials hurdle in the way of its survival. He urged the PM Khan and Governor SCB DR. Reza Baqir to immediately take measures to resolve this issue.