ISLAMABAD - The business community expressed deep disappointment with the SBP decision to make a meager cut of 50 basis points in policy interest rate despite repeated requests from the business community for bringing it down to a single digit level to stimulate the economy. President ICCI Zahid Mabqool, while chairing the meeting of businessmen, said that the SBP should have made a substantial cut in the interest rate for the revival of business and economic activities in the country instead of reducing it from 13pc to just 12.5pc, as that will not yield any positive results for the country. He said that a tight monetary policy has had a negative impact on the economy in many ways as it has sufficiently hiked the cost of doing business, created problems for businessmen, and discouraged local & foreign investment; causing more than 53pc decline in foreign investment during the first four months of the current financial year. Zahid Maqbool said the main pretext of maintaining a tight monetary policy was taming inflation. However, now inflation has substantially come down, which necessitates a great cut in the interest rate to turn around the economy. He said that a high interest rate has particularly damaged the industries, bringing industrial productivity to its lowest ebb and leading to the closure of many industrial units. This was the main reason for no employment generation in the country, he added. He added that a high interest rate has also badly affected the competitiveness of our exportable products. The high cost of doing business and uncompetitive business environment along with the existing high cost of borrowing would have more negative implications on the overall economy, particularly in the industrial sector. The ICCI President stated that if the Govt wanted industrial revolution, expansion of business and economy, poverty reduction, and employment generation, then the optimum way for achieving these objectives was to bring the interest rate to a single digit level.