Pakistan, July 14 -- Finance Minister Muhammad Aurangzeb has said that there is room to reduce the interest rate, but the final decision rests with the State Bank of Pakistan (SBP). Speaking to media in Karachi, he stated that Pakistan's economy is now moving towards stability due to the government's timely and smart decisions.

He noted that economic barriers have been removed, making the environment friendlier for both local and foreign investors. He revealed that multinational companies repatriated $2.3 billion in profits by the end of the last fiscal year. Issues like blocked profits and difficulties in opening LCs (letters of credit) have been resolved, he added.

The minister emphasized that banks must play a key role in economic re...