While cautiously welcoming the 200bps cut in interest rate, industrialists have demanded further cuts similar to other nations who have brought down policy rates to zero. KCCI President Agha Shahab said that SBP should have brought down the interest rate to 4-4.5%. KCCI had asked the govt. to bring down duties, taxes and levies, utility charges and oil prices by 50% so that trade and industry can work smoothly as long as the pandemic exists. He suggested that SBP should take a bold step and announce a further rate cut to 4-4.5% to kick-start the ailing economy.
18/4/2020