KARACHI: United Business Group (UBG) has expressed its concern over not reducing the interest rate in the monetary policy.
KCCI President Iftikhar Ahmed Sheikh said that the State Bank’s monetary policy decision no to reduce the policy rate was a surprise as the business community had expected a reduction of 150 to 200 basis points due to the downward trend in inflation and signs of economic recovery that were beginning to emerge as the IMF and World Financial Institutions.
The Bank has predicted a 2% growth in Pakistan’s GDP in FY24.
UBG leaders expressed displeasure over the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) keeping the interest rate constant at 22 percent for the seventh time in a row.
Copyright Business Recorder, 2024
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