Profit on savings

The authorities have not raised profit rates on various savings schemes in line with the SBP-authorised increase in interest rates. There is no doubt that the country is facing serious economic issues but this denial is certainly unjust and heartless especially for those who cannot afford the risk of investing elsewhere.

The government should better leave no stone unturned to reduce the annual losses of several state-owned enterprises, cut down annual corruption losses estimated at about Rs 2000-3000 billion, control the rapid depreciation of the Pakistani rupee and improve the tax-GDP ratio in order to have enough revenue to increase the rate of profits on national savings scheme.

Tariq Waseem

Lahore