ICCI demands cut in SBP interest rate to revive economic activities - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- March 19, 2023 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

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Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) has that the 20 percent benchmark interest rate in Pakistan is highest in the Asia, which is a major hurdle in promoting trade and industrial activities in the country and urged that the SBP should make significant cut in interest rate to revive the businesses and economy. He said that the interest rate in China is 3.65%, Bangladesh 6%, India 6.5% but in Pakistan it is 20%, which is highest in the whole Asian region. He said this while addressing a dinner reception hosted in honour of Sardar Tahir Mahmood, President, Islamabad Estate Agents Association.

Ahsan Bakhtawari said that the historic hike in interest rate has made the credit cost unaffordable for the private sector due to which business and investment activities are badly suffering. He stressed that the government should address the concerns of the business community on high interest rate and high taxes on the construction sector to ease their problems.

Speaking at the occasion, Sardar Tahir, President, Islamabad Estate Agents Association said that the construction industry is the backbone of the economy as its growth boosts the business activities of over 70 allied industries. However, the construction industry is in big trouble these days due to high interest rate, higher taxes and devaluation of the rupee. He stressed that the Finance Minister Ishaq Dar should hold a meeting with the business community of the construction industry to listen to their genuine issues and take urgent remedial measures to revive the economy.

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