ICCI urge for reducing interest rate to revive economic activities.

ISLAMABAD -- Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) on Sunday urged the State Bank of Pakistan (SBP) to make significant cut in interest rate to revive the businesses and economy of the country.

He said that the 20 percent benchmark interest rate in is highest , which is a major hurdle in promoting trade and industrial activities in the country.

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.

He urged the need for reducing interes rate to provide level playing filed to Pakistani businesses to compete with regional competitors for exports.

He said this while addressing a dinner reception hosted in honor of Sardar Tahir Mahmood, President, Islamabad Estate Agents Association.

Ahsan Bakhtawari said that the 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 urged the government to 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, of 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 urged Finance Minister Ishaq...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT