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Summary Trade and industry community has urged State Bank of Pakistan to announce cut in interest rate.
At a meeting chaired by the Chairman PIAF Sohail Lashari here Thursday. Leaders of All Pakistan Paper Merchants Association, leaders of Shah Alam market, Chairman Autoparts Manufacturers & Exporters Association and Chairman Lahore Township Industries Association have said that availability of cheaper money to the businessmen is only way to cut joblessness and control inflation.They said there is a dire need of cut in mark up rate at a time when the whole industry was badly suffering due to unprecedented energy crisis, high cost of doing business and were complaining of being uncompetitive in the global market.They stated that huge trade deficit, current account deficit, high savings and investments gap, huge government borrowings and persistent high inflation including food inflation would leave a very negative impact on the national economy if State Bank of Pakistan does not bring the mark up rate to the single digit.They said that if the government wants to achieve budget targets, it would have to strengthen the business community by facilitating it.They also urged the Federal Finance Minister to look into the issue and a large number of trade and industry projects are in the pipeline and need urgent government support.
