Federation of Pakistan Chamber of Commerce & Industry hails 150bps cut in policy rate by State Bank

Lahore: Federation of Pakistan Chamber of Commerce & Industry FPCCI Monday hailed 150bps cut in policy rate by State Bank of Pakistan, which will help encourage long term investment coupled with zero load shedding that will accelerate overall economic activities in the country.

FPCCI President Senator Haji Ghulam Ali, VP SAARC Chamber of Commerce & Industry Pakistan chapter Iftikhar Ali Malik, Senior Vice President Lahore Chamber of Commerce & Industry Mehr Kashif Younis, LCCI VP Saeeda Nazar, LCCI executive members Mian Zahid Jawaid, Waqar Ahmad in joint statement said it was long standing demand.

They said SBP decision will also boost industrial growth, have positive impact on national economy and translate in two per cent decline in lending rate to corporate sector. Earlier, SBP’s high interest rate did not allow private sector to borrow for long term planning, expansion and balancing of existing units. The government should bring interest rate at par with developed states where it is in single digit, otherwise Pakistan would not be able to compete in international markets.

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