TRIVIAL REDUCTION IN INTEREST RATES UPSET BUSINESS COMMUNITY: MIAN ZAHID HUSSAIN.

P resident 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 slight reduction in the interest rates by the central bank has left the business community disappointed. A 0.75 percent reduction in the policy rate against expectations of three percent cut is a joke which has frustrated the business community, he said. Mian Zahid Hussain said that Prime Minister Imran Khan should immediately take note of the situation and take corrective measures at the current interest rate will never allow the economy to come out of recession.

Talking to the business community, the veteran business leader said that dozens of countries have reduced interest rates substantially to combat coronavirus and stimulate the economy but nothing of the sort has been done in Pakistan. The former minister noted that central bank has taken the economy as a hostage while its desire to attract hot money is damaging the...