APTMA demands massive 500bps cut in interest rate
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All Pakistan Textile Mills Association (APTMA) on Saturday demanded government to announce massive 500 basis points reduction in interest rate, reported 24NewsHD TV channel.
APTMA Chairman Kamran Arshad has said that State Bank of Pakistan (SBP) should keep the interest rate at 16 basis points in its monetary policy committee meeting scheduled to be held on Monday, December 16, 2024.
Kamran Arshad said that a reasonable decrease being witnessed in prices of essential commodities and inflation.
He said that due to decline in inflation rate, a reduction should be notified in interest rate.
Kamran Arshad said that low interest rate vital for strong economic progress which will also promote industrial production.
He said that due to strong industrial production, people will definitely get employment opportunities.
He said that currently inflation rate is 4.5 percent and actual interest rate cut by 10.3 percent.
Reporter: Waqas Azeem