SCCI for reduction in interest rate to boost economic growth

PESHAWAR: Sarhad Chamber of Commerce and Industry has demanded the government and State Bank of Pakistan governor to reduce interest rates to single digit to stimulate economic growth.

Talking to a group of businessmen at the Chamber House on Friday, Moqeem urged the State Bank of Pakistan (SBP) to announce a significant reduction in interest rates in the upcoming monetary policy meeting.

SCCI senior vice-president Abdul Jalil Jan, vice-president Shehryar Khan, members of the executive committee and others were present on the occasion.Moqeem said the government’s measures for promotion of economic activities, achieving growth targets were highly encouraging; however, it is needed to bring down the interest rate to its lowest level, which is currently 12 percent.

SCCI quoted official figures, stating that a visible decrease was witnessed in the inflation rate. Despite the fact, he said, the policy has kept at its highest rate.He demanded a significant cut in the meeting of the State Bank of Pakistan Monetary Policy Committee, which is scheduled on May 5.

The SCCI chief said that reduction in the current policy rate under the vision of the Special Investment Facilitation Council was essential in order to achieve targets of economic growth and improve country’ exports as per the vision of the prime minister of Pakistan.

The SCCI chief stressed concrete steps for economic revival, ease of doing business for promotion of industries and trade, provision of soft loans and reduction in policy rate at the optimal level.He said the business community has faced difficulties in the prevailing circumstances.