SBP has announced to keep the interest rate at 7% for two months.
According to the SBP, no change has taken place since the last meeting of the Monetary Policy Committee and no change has been made in the policy rate by the Agricultural Policy Committee, according to which the SBP has maintained the interest rate at 7% for two months. Has been announced.
However, traders and industrialists say that given the current situation in the country, the SBP should have cut interest rates as the Corona virus has already hit the country’s economy hard. Should have kept and interest rates should have been reduced.
The industrialists said that the cost of production of the industry is higher as the interest rate in the country is still higher than other countries in the region. Due to high cost of production, the domestic industry is facing stiff competition in the international trade markets. The government should raise the interest rate to 4%.
The city’s business community said that if the government did not further reduce interest rates, the country’s industrial growth rate and exports would remain low due to high production costs.
Extracted from City42 News