World

Rate hike divides business community

KARACHI: Foreign investors welcomed the State Bank of Pakistan’s (SBP) 50bps rate hike to 12 per cent on Monday, but the business community called it counterproductive for stabilisation, industrial growth and export competitiveness. M. Abdul Aleem, Secretary General of the Overseas Investors Chamber of Commerce and Industry, acknowledged the SBP’s move, saying it was needed to contain inflationary pressure and safeguard macroeconomic stability amid global energy price risks. However, with large-