KARACHI (NNI) Business community has hailed State Bank of Pakistan (SBP) decision to cut interest rate by 150 basis points, saying that it is likely to boost economic growth and industrial and business activities in the country. They said they are happy with the decision as this move would pave the way for revitalization of local industries which were badly hit due to their inability to pay high interest for borrowings. The reduction in interest rate will create employment and improve money circulation in the country, said Former Vice President FPCCI, Zubair F. Tufail. He hoped that after two months when new monetary policy would be announced, the rate would be lowered further to single digit. Tufail, said that the decision would benefit the business community. He pointed out that the move would be an impetus for economic growth. Former Vice President FPCCI, Zubair F. Tufail said that the decrease in discount rate up to 150 basic points would pave the way for economic growth.