SIALKOT         -        Sialkot Chamber of Commerce & Industry (SCCI) President Muhammad Ashraf Malik had welcomed a reduction in the interest rate by 100 basis points, lowering it to 7% by the State Bank of Pakistan (SBP).  In a press statement issued here on Monday, he said that it was the most constructive decision for the business community taken by the government. He said the whole business community had welcomed the decision, as it would provide relief to the export industry of Pakistan.The chamber president said that the fifth time reduction in the interest rate in four months would provide immediate liquidity to homes and businesses to avoid defaults and contain unemployment. He said the business community was satisfied with overall reduction of 625 basis points from March 17 to June 25, from relatively high 13.25% to as low as 7%. However, the SCCI president expressed his concerns on sudden and drastic increase in petroleum prices, saying that the whole business community was looking towards the government to provide relief for sustainability of the businesses amidst COVID-19 pandemic. He said the government should reconsider its decision of increasing prices of petroleum products.