KARACHI - The traders and industrialists have demanded of State Bank of Pakistan (SBP) to reduce at least 200 basis points in bank rate in the forthcoming Monetary Policy. The Patron-in-Chief, Korangi Association of Trade and Industry (KATI) S M Muneer, Chairman, Razzak Hashim Paracha, Vice Chairmen, Njamul Arfeen and Amjadullah Khan, while welcoming the appointment of Shahid Hafeez Kardar as Governor State Bank, said that he has a tough tasks ahead as country is facing its most crucial phase due to shamble economy. They said that the newly-appointed Governor SBP would have to take stringent measures to maintain monetary policy and contain government borrowing. The Governor SBP should reduce two per cent interest rate in the forthcoming Monetary Policy and then gradually bring it to single digit so that economy would be able to sustain and industry could breathe. Paracha said and hoped that Shahid Kardar would strive hard use all his capabilities to set realistic targets and try to achieve them. He said that trade and industry could in no way bear any further tax or increase in utilities as they already become out of proportion. He agreed with all renowned economic experts that due to massive floods and loss of huge crops, the country would have to face a severe shortage of commodities and government would have to contain not only its lavish expenditures and unstoppable borrowing.