KARACHI: Business leaders have called on the State Bank of Pakistan (SBP) to slash the policy rate to 5-6pc in the upcoming Monetary Policy Committee (MPC) meeting to bring it in line with regional economies and ease the mounting cost of doing business in the country.

President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Jawed Bilwani, said that borrowing costs in Pakistan are among the highest stifling business growth. He noted that interest rates in Vietnam stand at 6.3pc, followed by Cambodia at 3pc, Indonesia at 6pc, and India at 5.5pc.

He added that Pakistan’s competitiveness is further eroded by steep energy costs, with electricity tariffs hovering around 16 cents per unit compared to 9 cents in Bangladesh, 8 cents in Vietnam, 10........

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