KARACHI: The business community of Korangi has lauded the State Bank of Pakistan’s decision of lowering mark-up rate by 1pc.
Appreciating the SBP’s move in joint statement, Korangi Association of Trade & Industry (KATI) Patron-in-Chief SM Muneer, President Rashid Ahmed Siddiqui and Senator Abdul Haseeb Khan said that the decision would entail banks to lend more money to private sector and would enhance trade and business activities.
SM Muneer said that on one hand the general public will get loans on cheaper rates and on the other the people will get lower interest on the investment schemes and bank deposits. The decision of SBP is prudent one which would result in reduction of deficit on our current account and repose confidence of investors.
He said that deposit of SBP were stood at $9.1 billion in 30th June 2014 which rose to $12.5 billion on 15th May 2015 and further improvement is also expected, this is due to good governance and lowering the price of petrol at international market, he added. He urged that Ministry of Finance should try its level best to clear the refunds on account of sales tax refund, so that export could take benefits of lowering of interest rate.
