ISLAMABAD, DEC 15: President of Islamabad Chamber of Commerce and Industry Nasir Mansoor Qureshi has demanded that the government reduce interest rates by 5 percent. Reducing interest rates will bring economic stability and development. He said that a reduction of 100 basis points in interest rates reduces the debt burden of Rs 470 billion and that a five percent reduction can reduce debts by up to Rs 2,300 billion. ICCI President Nasir Mansoor Qureshi further said that the reduction in interest rates will increase the value of the rupee, as well as exports. Nasir Qureshi said that the State Bank has reduced the policy rate by 700 basis points so far and that the reduction in the policy rate has also brought balance in payments.
