Karachi: (RightNow) Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry, has rejected the State Bank’s decision to maintain the interest rate. He stated that the 11.5% interest rate does not meet the expectations of the business community.

Sheikh further emphasized the need to reduce the interest rate to prevent disruption in business activities. He mentioned that high interest rates are increasing production costs.

He highlighted that lowering the interest rate would boost industry, trade, and investment. High interest rates are causing difficulties for businesses.

Sheikh urged the government and the State Bank to significantly reduce the interest rate for economic growth. This would provide affordable loans to the private sector and create job opportunities.

It is noteworthy that the business community requires economic stability with lower interest rates. Reducing the interest rate is essential to accelerate business and economic growth in the country.