Appreciation: Businessmen hail low interest rate
Banks are making huge profits for the last few years and a little cut would not make much difference to their earnings
PHOTO: FILE
MULTAN:
The business community of southern Punjab has hailed the State Bank of Pakistan’s decision of maintaining the key interest rate at 5.75%, saying that it will provide some breathing space to the industry. Multan Chamber of Commerce and Industry (MCCI) President Fareed Mughis Sheikh and former president Mian Iqbal Hassan said in a statement that the SBP had taken a wise decision to maintain the policy rate. They said that the economy is in a state of uncertainty and needs more breathing space to survive. They said that banks in Pakistan are making huge profits for the last few years and a little cut would not make much difference to their earnings. “We have lost our share in the export market as a number of countries have become more competitive and now we have to recapture them,” Fareed said.
Published in The Express Tribune, September 29th, 2016.
The business community of southern Punjab has hailed the State Bank of Pakistan’s decision of maintaining the key interest rate at 5.75%, saying that it will provide some breathing space to the industry. Multan Chamber of Commerce and Industry (MCCI) President Fareed Mughis Sheikh and former president Mian Iqbal Hassan said in a statement that the SBP had taken a wise decision to maintain the policy rate. They said that the economy is in a state of uncertainty and needs more breathing space to survive. They said that banks in Pakistan are making huge profits for the last few years and a little cut would not make much difference to their earnings. “We have lost our share in the export market as a number of countries have become more competitive and now we have to recapture them,” Fareed said.
Published in The Express Tribune, September 29th, 2016.