Traders urge govt to reduce interest rate to boost economic growth

PESHAWAR: Members of the business community urged the government to reduce the current interest rate for economic growth.

Traders were of the view that reduction in the interest rate will lower the cost of funds for industrialists, businessmen, traders, and agriculturalists, significantly enhancing their capacity to invest and grow.

With inflation rates having decreased to 9%, the business community of Khyber Pakhtunkhwa said they believe that implementing this reduction will have a profound positive impact on production, exports, and employment opportunities.

Increased economic activity will generate more income, leading to lower prices and an improved purchasing power for the common man, traders said.

Ultimately, this will pave the way for greater prosperity across the nation, they added.

In a proactive and concerted effort to bolster the region’s economic growth, President of KP Chambers, Qadir Ullah Wazir, President North Waziristan Chamber of Commerce & Industry (NWCCI), Shah Wazir Khan, President Bannu Chamber of Commerce & Industry (BUCCI), Moqarab Khan, President South Waziristan Chamber of Commerce & Industry (SWCCI), Syed Saddat Hussain Shah, Chairman of Livestock Exporters Association of Pakistan (LEAP) and Syed Ali Hammad Chairman Kurram Traders Alliance have joined forces with Syed Jawad Hussain Kazmi, President of the Khyber Chamber of Commerce & Industry.

They strongly second and support the genuine demand of S M Tanveer, Patron-in-Chief of the United Business Group (UBG), Gohar Ijaz Former Federal Minister for Interior and Chairman Think Tank of (FPCCI) and Atif Ikram Sheikh President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), urging the government and the State Bank of Pakistan (SBP) to immediately reduce the interest/markup rate by 400 basis points.

“We stand firmly with S M Tanveer in this vital call for change,” stated Syed Jawad Hussain Kazmi.

“A proactive approach to interest rate will not only support existing businesses but also attract new investments, fostering a thriving economic environment. We urge the government to consider this appeal seriously, as it will benefit the entire country.”

Copyright Business Recorder, 2024