Higher interest rates chocking borrowing: Mian Zahid Hussain.


KARACHI -- President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said the economy is getting better therefore the central bank should consider reducing the interest rates to trigger growth. The policy rate has become a hurdle in the development and it is choking the economic activities, he said. Mian Zahid Hussain said that policy rate is 13.25 percent, therefore, banks are giving loans at above 17 percent interest rate which has made business impossible. Talking to the business community, the veteran business leader said that last year the interest rate was 6.5 percent therefore the business community borrowed Rs394. 8 billion from July to November which dipped by 71 percent during the current...

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