President of Lasbela Chamber of Commerce and Industry (LCCI), Yakoob Karim, has urged the State Bank of Pakistan (SBP) to adopt long-term policies instead of depending on short-term policies. Opposing the interest rate by 0.25 per cent that was announced in the Monetary Policy by the SBP governor for the next two months, he asked the SBP to focus on regulating government spending and unabated borrowing instead of increasing bank interest which gets industrial sector under pressure badly affecting industrial production.
Yakoob said that export-oriented industry is fast losing export markets in USA and European Union due to increased cost of doing business. He urged the SBP governor to introduce the industrial and business-friendly policy instead of over-burdening the industry.
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