LAHORE: Progressive Group President Khalid Usman has praised the interest rate cut of 50 basis points by the State Bank of Pakistan, saying that will help the industry accelerating the movement of its wheels.
The president of the representative platform of traders and industrialists namely Progressive Group said it was a good omen on the occasion of Pakistan Day. He said that it was a long demand of the industry and business people to bring down the discount rate in line with the inflation and other ground realities and step taken by the central bank now and in the past are a wise decision in this regard.
He said that by virtue of this decision the industry may take some sigh of relief as reduction of half per cent interest would definitely give some breathing space to the industry. He noted that the industry had asked the SBP to reduce more but even this relief would be highly welcomed by the business community particularly the industry.
He said that interest rate is an important input for the industrial and business sectors and always influences the cost of production. He also congratulated the entire nation on the occasion of Pakistan Day especially the armed forces of Pakistan which were not only fighting bravely against the menace of terrorism but also returned the happy moments to Pakistanis.
