Business community has completely rejected 100 points raise in the interest rate by the State Bank of Pakistan (SBP), reported 24NewsHD TV channel.
United Business Group (UBG) President Zubair Tufail said on Tuesday that increase in interest rate to the highest-ever 22 percent would badly affect people’s businesses.
He went on to say that additional taxes of Rs214 billion would impact all and sundry as this would lead to more inflation.
He said now the banks would give loans at 24 to 25 percent interest rate by including markup in it.
Reporter: Ashraf Khan