KARACHI: Businessmen were not happy with the 100 basis points interest rate cut announced by the State Bank of Pakistan (SPB) on Monday, saying they were expecting a substantial reduction of 300-500bps for the revival of economic activities.

Abdul Aleem, Secretary General and CEO of the Overseas Investors Chambers of Commerce and Industry (OICCI), said the drop in interest rate was positive, but “we expected a higher cut in view of muted inflation numbers for the past few months”.

“Going forward, we expect a more rapid reduction in line with improving economic parameters. We look forward to a gradual pick-up in private sector borrowing and economic activities.”

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

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