Car sales in Pakistan rose 51% in July over the same month a year ago after prices and borrowing costs declined, according to data from the country’s Automotive Manufacturers Association.
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Sales rose to 8,560 units from 5,669 in July 2008. The State Bank of Pakistan, the central bank, lowered its benchmark lending rate to commercial banks by one percentage point to 14% on April 21, allowing banks to charge less for loans. The central bank is scheduled to announce its quarterly monetary policy on 15 August.
The central bank raised its benchmark lending rate four times last year, allowing banks to charge more for loans.
