FPCCI expresses concerns on SBP’s contractionary monetary policy stance July 29, 2021 KARACHI: A key industry body on Wednesday said the central bank's move to keep interest rate unchanged at 7 percent disappointed businesses that believed lower rate would help boost economy in pandemic and lockdowns. Mian Nasser Hyatt Maggo, president Federation of Pakistan Chambers of Commerce and Industry said the recently announced monetary policy "is the continuation of the contractionary monetary policies adopted by the State Bank of Pakistan since over a year". "Keeping the interest rate at 7 percent unchanged is not appropriate at this time when the government is taking strict measures of lockdown and limiting economic activities of all segments of the economy," Maggo said in a statement.