KARACHI: Contrary to the cautious welcome by the multinational companies, the entire business community slammed the State Bank of Pakistan (SBP) for slashing its policy rate by 100bps to 11 per cent as against their demand of bringing it to a single digit.

Offering a different view, Pakistan Business Council (PBC) chief executive officer Ehsan Malik said that given rising imports and trade deficit, pressure on the exchange rate, and considerable geopolitical and trade uncertainty, the decision to reduce the policy rate by 100bps instead of 50bps came as a surprise.

“It does, however, signal the bottoming out of........

© Dawn Business