The business community has termed high interest rates threat to the survival of small and medium enterprises and cited that it caused significant increase in the cost of doing business for industries.
In a joint statement, Pakistan Yarn Merchants Association (PYMA) Chairman Saqib Naseem and Vice Chairman for Sindh Muhammad Junaid Teli urged the State Bank of Pakistan (SBP) to announce an immediate reduction in interest rates. According to them, such a decision would be in the best economic interest of the country.
They urged the State Bank of Pakistan to formulate a policy that did not harm business and promoted industrial and trade activities.
They recalled that the Covid-19 pandemic already had a devastating effect on business and industries of the country.“The recent political crisis in the nation proved to be a disaster for the business community,” they pointed out.
Published in The Express Tribune, April 14th, 2022.
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