ISLAMABAD -UNS:President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Shaikh has said that one percent reduction in markup rate by State Bank is insufficient, the business community rejects it. Our demand was to reduce by at least five hundred basis points. State Bank revised its decision and brought down the interest rate to eight percent
He said that economic indicators have been positive for the past few months and the rate of inflation has continuously decreased due to which the State Bank had the scope to bring the policy rate to 8 percent. And this month the central bank had the best chance to bring the interest rate to single digit but the central bank has only cut the markup rate by one percent which is insufficient.
