MCCI welcomes rate cut decision

RECORDER REPORT

MULTAN: Multan Chamber of Commerce and Industry (MCCI) President Muhammad Khan Saddozai welcomed the State Bank decision of reducing interest rate by Rs 0.5pc and termed that it would boost the investment and business activities in the country.

He said that business community appreciates the recent government stance to overcome economic crunch. He further said that for certain economic growth and promotion of businesses; interest rate must be reduced to single digit.

He expressed these views while addressing the executive committee meeting held here at his office. Bakhtawar Tanvir Sheikh, Senior Vice President and other members of the Committee were also said that recent reduction in the ratio of interest rate was a good gesture from the government side to beat the prevailing economic downfall but as compared with the neighbouring and other countries of the world the said ratio is still high. “It is need of the hour to decrease the interest rate below 8 percent”, he added.