LAHORE: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has hailed 1.5 percent cut in policy rate ,saying it would help encourage long term investment and coupled with zero loadshedding it will accelerate economic activities throughout the country.
FPCCI Chief Senator Haji Ghulam Ali,VP Saarc Chamber of Commerce and Industry,Pakistan chapter,Iftikhar Ali Malik,SVP,LCCI Mehr Kashif Younis,LLCI VP Saeeda Nazar,LCCI executive members Mian Zahid Jawaid,Waqar Ahmad Mian and others in a joint statement Monday said that it was long standing demand of chambers.
They said this measure will boost industrial growth and accelerate economic activities in the country.
They said that decision of 150bps cut in policy rate will have positive impact on the national economy and translate in two per cent decline in lending rate to corporate sector.
Iftikhar Malik has observed said that earlier,the SBP's high interest rate did not allow the private sector to borrow for long term planning or expansion and balancing of existing units.
He has demanded that the government should signal for further cut in interest rate in the larger national interest and bring it at par with all other developed countries where it is in single digit--otherwise Pakistan couldnot compete in the international markets.
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