KARACHI: Most owners of big factories hailed the State Bank’s cautious approach to keep the interest rate unchanged at 12 per cent on Monday, but the bulk of the business community was up in arms against the central bank for not bringing down the policy rate by 500 basis points even though inflation was as low as 1.5pc last month.

Abdul Aleem, Secretary General of the Overseas Investors Chambers of Commerce and Industry (OICCI), said: “I am satisfied that SBP made a very sound decision by not surrendering to pressure for rate cut. The economy needs sustainable steps to overcome challenges and improve investors’ confidence.”

Ehsan Malik, the CEO of........

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