Collateral damage

The SBP has further reduced the policy rate to 13 per cent, which the prime minister and business forums have appreciated. However, it has been observed that as and when the policy rate is reduced, the profit rate on various schemes of National Savings and bank accounts is also reduced. Neither the State Bank of Pakistan (SBP) nor banks take care of account holders who provide the latter with a lifeline in the shape of their investments and deposits. In order to protect the interests of the account holders, the SBP is requested to determine a minimum profit rate on saving accounts for bank account holders and National Savings schemes.

Khawaja Tajammul Hussain

Karachi