Businessmen want interest rate cut

PESHAWAR: The members of the business community on Saturday urged the government and State Bank of Pakistan (SBP) to cut interest rates to promote trade and strengthen the economy of the country.

The business community members reiterated the demand at a meeting which was presided over by Ayub Zakori, the president of Industrialists Association Peshawar, said a press release.

The IAP former presidents, executive members and senior members and industrialists, members of the business community were present on the occasion.

Ayub Zakori said the previous increase in policy rate to 22 percent has struck a blow to an already struggling business community. “At 25-26pc interest rate, it is hard to borrow from the banks,” he said, adding that it will be hard for the government to earn revenue due to decline in large-scale manufacturing.

Participants of the meeting said it was very difficult for businessmen and industrialists to survive as the soaring power and gas tariff had already made life miserable for them. Despite several rounds of negotiations between the government and the business community, they said no remedial measures had been taken to provide relief to the business community.