Shahid Ismail, Vice President, Karachi Chamber of Commerce and Industry (KCCI), a 1% reduction in mark-up rate by the State Bank is disappointed he has demanded to reduce 4 to 5 percent. He said that no other country in the region has such a high interest rate. If the interest rate is reduced to 5 or less, it will benefit the country’s trade and industry days which will have a positive impact on the economy.
In an interview, Shahid Ismail, vice-president of the Karachi Chamber of Commerce and Industry, said that the SBP had disappointed the industrialists by reducing its monetary policy by just 1 per cent.
He said that Karachi Chamber and Chairman Siraj Qasim Teli had repeatedly reminded the Prime Minister of Pakistan Imran Khan and Governor SBP that many countries around the world have significantly reduced interest rates due to Corona virus outbreak. There is no such country in Asia. Where the mark up rate is more than 5% but in Pakistan the rate is 8% due to which Pakistani industrialists are not able to compete with the world.
He said that on the occasion of CCI of Governor SBP’s recent visit, we had informed him of our concern but unfortunately it was not heeded. He appealed to the Prime Minister of Pakistan Imran Khan and Governor SBP. Only when the interest rate is brought down to 5 percent will the country’s economy, trade and industry flourish.
