Pakistan, July 27 -- The Salt Manufacturers Association of Pakistan (SMAP) on Saturday urged the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) to consider a significant reduction of 3-4% in the policy interest rate during the upcoming monetary policy review on Wednesday, July 30.

"A minimum reduction of 3% in the interest rate, is essential to bring about a meaningful and positive shift in the ease of doing business across the country," SMAP chairperson Saima Akhter was quoted as saying in SMAP statement.

Meanwhile, Ismail Suttar, SMAP founder chairman, said Pakistan's persistently high interest rate "remains a critical barrier to industrial and commercial activity".

SMAP statement added that a sharp reduction in ...