Industrialists welcome lower interest rates

MULTAN: Appreciating State Bank of Pakistan's decision to cut its benchmark discount rate from 13.5 percent to 12 percent, traders and industrialists on Sunday said that it would restore confidence of foreign investors to increase investment in the country.

They urged the government to slash it further with the passage of time and also ease the energy crisis to achieve goals.

Eminent industrialist Khwaja Jala-ud-din Roomi said that after the decision, there was high probability of meeting financial year 2012 targets.

He said the State Bank should also focus to provide business-friendly environment to both local and foreign investors.

Chairman Pakistan Cotton Ginners Association, Aman ullah Qureshi, called for business-friendly steps to improve the confidence of investors.

Chairman All Pakistan Mills Association, Khwaja Mohammad Fazil and industrialist Shamshad Jafri termed it a landmark decision but stressed the need to further reduce interest rates.