Increase to hinder industrial growth: Tufail
Patron General SM Munir and President Zubair Tufail of United Business Group (UBG) expressed their frustration over 1.5 per cent increase in the mark-up rate and demanded that the SBP should reverse its decision to raise the interest rate to 13.75 per cent.
They said increase in interest rates will enhance the difficulties of industry and trade and hinder industrial growth while causing huge losses to all sectors of the economy.
He said that the SBP should immediately bring interest rates to single digit to encourage investors.
SM Munir said that raising the interest rate to 13.75% without consulting the representatives of the business community was an unfair act as it would lead to economic slowdown and increase unemployment and inflation many times.
Zubair Tufail said that Pakistan has one of the highest interest rates in the region and at this interest rate neither investors will turn to Pakistan for new investments nor local industrialists will be able to expand their businesses.
The interest rate should be reduced immediately to save the industry from destruction.
