KARACHI: President, Federation of Pakistan Chambers of Commerce and Industry, Ghazanfar Bilour has expressed reservations, on behalf of this apex trade body, over the recently announced increase in the policy (interest) rate to 6.5pc by State Bank of Pakistan in its two-month monetary policy.
In his statement issued by the Federation here on Monday, FPCCI President maintained that with this rise in interest rate, local industrialists and exporters would be further in-competitive against the foreign ones who enjoyed leverage of low interest rate in their respective countries.
The increased policy rate would discourage local investors to participate in various mega projects particularly infrastructure development under China Pakistan Economic Corridor, he added.
He said the revival in growth of industry and services was essential to sustain economic growth which after many years was showing increasing trend.
He was of the opinion that current increase in policy rate from 6 to 6.5 percent would add pressure on the economy, besides increase in inflation.
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