KARACHI: Car sales in Pakistan registered the annual growth in August forthe first time after a 16-month downtrend, rising 8.3% year-on-year (YoY)as lower interest rates are encouraging auto financing, analysts saidThursday.
Car sales last increased YoY in March 2019. Passenger car sales shot upfrom 9,126 units in the comparable period last year to 9,885 units inAugust.
However, they dipped 2.3% in August as opposed to July, the PakistanAutomotive Manufacturers Association (PAMA) said. Sales of jeeps, tractors,three-wheelers, and motorcycles also witnessed YoY growth.
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The State Bank of Pakistan (SBP) cut policy rate from 13.25% to 7% inalmost a three-month period, which analysts said led to reinvigorating autofinancing.
