President of Lasbela Chamber of Commerce and Industry (LCCI), Ismail Suttar said that SBP has not lowered the interest rate in its last few policies. He said that there should be a slash of 25 basis points to bring the policy rate to 5.50 per cent from 5.75 per cent. He said that economy is in a state of uncertainty and needed some more breathing space to survive.
Ismail said that banks in Pakistan are making huge profits for the last few years and a little cut in bank rate would not make any difference.
He said that at this juncture the industrial sector is more suffering due to the immense increase in their cost of doing business.
"We have lost our significant share of export market in a number of countries as we have become uncompetitive in many countries that were our traditional markets and now we have to recapture them if we are given a level-playing field", Ismail said.
He said that SBP's Monetary Policy is heading in the right direction. He hoped that the Monetary Policy will continue to stay as business-friendly.
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