Multan: Former president of the Multan Chamber of Commerce and Industry (MCCI) Khawaja Muhammad Hussain has called for an immediate reduction in the interest rate following a 9 per cent decrease in the inflation rate.
He said that lowering the interest rate was now crucial to providing much-needed relief to the business community and reviving the national economy.
In a statement, Khawaja Muhammad Hussain urged the State Bank of Pakistan (SBP) and the government to reduce the interest rate by at least 4pc. He highlighted that the current high-interest rates were not only limiting business activities but also posing a significant obstacle to economic recovery.
“The reduction in interest rates will offer substantial relief to small and medium enterprises (SMEs) and large business entities alike. It will also boost consumers’ purchasing power, ultimately stabilizing the national economy,” Khawaja said.
The business community has consistently raised concerns about the high cost of borrowing, which they believe
hampers investment and growth.