Business leaders criticise \'insufficient\' rate cut

Business leaders and industrialists strongly criticised the insufficient 2% cut in the interest rate announced by the State Bank of Pakistan (SBP) on Monday, describing it as a disappointing initiative. They urged the government to review the decision immediately in the larger interest of economic growth. Leading business leader and Pakistan Stock Exchange (PSX) Director Ahmed Chinoy said the government must reconsider the decision and scale down the interest rate up to 5% to put the economy on the right track, and to encourage businesspeople to make more investments in various sectors, including industry, PSX, and other businesses. Low interest rates enhance industrialisation and GDP growth, he said.