Industrialists reject 1.5pc increase in interest rate
According to the 24News HD TV channel, the business community had declared such an increase would block industrial growth.
Businessmen's Group Chairman Zubair Motiwala said interest rates have been raised too much, which will hamper industrial growth.
He said such an act of the SBP would affect negatively the industry, the stock market and investment.
Karachi Chamber of Commerce and Industries President Muhammad Idrees said the government can reduce the rising rate of inflation only by increasing the supply of commodities.
The business community has made it clear that raising interest rates will hurt the national economy.
They unanimously demanded the SBP to immediately reverse the increase in interest rates in the best interests of trade and industry.