Businesses term rate cut inadequate

KARACHI: Businessmen on Monday appeared unsatisfied with the 250 basis points cut in interest rate by the State Bank of Pakistan (SBP), terming the move not in line with receding inflation and urged the policy rate either should have been lowered by 500-700bps or be brought down to a single digit.

In contrast, representative bodies of foreign multinational companies offer a moderate view. For example, the Overseas Investors Chamber of Commerce and Industry (OICCI) Chief Executive and Secretary General M.