Federation of Pakistan Chambers of Commerce and Industries has supported the State Bank's decision to reduce discount rate saying that cheaper credit will induce private investment.

The President of the Federation Mian Muhammad Adrees in a statement said that lower cost of credit will increase confidence of the private sector in the government.

He said consistency in economic policies is a key for achieving robust growth.

President Islamabad Chamber of Commerce and Industry Muzzamil Hussain Sabri appreciated the central bank's decision to reduce interest rate and said it will promote economic activities.

Lasbela Chamber of Commerce and Industry President Yakoob H. Karim said that the interest rate reduction would help enhance the performance of industrial sector and revive sick industrial units.

He pointed out that as a result of prudent and consistent government policies, the current account deficit has narrowed down, average annual inflation is significantly below the target and there is a rise in real GDP growth.

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