KARACHI: Auto financing completed its second straight year of downward journey last month, dropping to Rs230.5 billion in June from Rs233bn in May.
According to data released by the State Bank of Pakistan (SBP), the total decline in outstanding loans in the last two years stood at Rs138bn, based on the June 2022 figure of Rs368bn.
It appears that the cut in interest rate from 22 per cent to 20.5pc by the SBP on June 10 has yet to lure buyers towards financing for new, locally assembled vehicles due to their exorbitant prices. Buyers, however, remained focused on leasing old and locally assembled vehicles........