Rate cut time

The August consumer price index (CPI) inflation in the country is down to the single digits: 9.6 per cent. This is the lowest it has been in the last four years or so. No doubt, this is good news for our economy, but there is much more to be done. Specifically, the crucial step of meaningfully lowering the discount rate set by the State Bank of Pakistan is yet to be taken. All the big business associations must call for a big cut in the present discount rate by around 4.5 per cent. The finance ministry must also bring down the high tax rates to a more bearable position in order to give some relief to the beleaguered people.

Mumraiz Khan

Karachi