The industrialists Saturday rejected the decision of the State Bank of Pakistan (SBP) of a 1.5 per cent increase in the 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.

Motiwala reacting over the high-interest rate in the country said in the current situation, the interest rate hike of 1.5 per cent was done very hastily.

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.