Rawalpindi Chamber Of Commerce & Industry Resents 100 Points Hike In State Bank Of Pakistan's Interest Rate

The Rawalpindi Chamber of Commerce & Industry (RCCI) has shown reservations for increasing 100 basis points in the interest rate by the State Bank of Pakistan from 12.25 percent to 13.25 percent

RAWALPINDI, (UrduPoint / Pakistan Point News - 18th Jul, 2019 ):The Rawalpindi Chamber of Commerce & Industry (RCCI) has shown reservations for increasing 100 basis points in the interest rate by the State Bank of Pakistan from 12.25 percent to 13.25 percent.

RCCI President Malik Shahid Saleem, in a statement, urged the government to withdraw this hike as it would increase the credit cost of commercial banks, ultimately bad effect on the growth of industrial activities and create more difficulties for the Small and Medium Enterprise (SME) in its efforts aimed at reviving the economy.

He said that Pakistan needed quick revival of business and industrial activities to improve the health of the economy, but 100 basis point increase in interest rate would make the cost of credit unaffordable for business community and badly affect their efforts for promoting business activities.

RCCI chief asked Advisor on Finance Dr. Hafiz Sheikh to review the SBP announcement and must hold a meeting with the business leaders to discuss and devise a new strategy for steering the economy out of current troubles.