KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has urged the State Bank of Pakistan (SBP) governor to bring down the policy rate from 9 percent to 4 percent in view of the extraordinary circumstances and global economic crisis, which is certain to have a long-term negative impact on Pakistan’s economy.
In a letter sent to SBP Governor Dr Reza Baqir, KCCI President Agha Shahab Ahmed Khan stressed that reduction in the policy rate in bits and pieces is not enough to provide the much-needed stimulus to the economy; hence, it is necessary to significantly reduce the interest rate at one go, to help the businesses sail through the unprecedented crisis. There is now ample justification for reduction in the policy rate because the inflation rate has declined sharply due to a steep fall in prices of crude oil, commodities and raw materials, while the demand has also been suppressed, he added.
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