KARACHI: President of the Hub Chamber of Commerce and Industry Yakoob H Karim, former Presidents Maqsood Ismail and Ismail Suttar said that the State Bank of Pakistan (SBP) must announce at least a 4% reduction in the mark-up in the upcoming Monetary Policy Committee meeting.
They, the industry leaders of Balochistan, said that there is no other way of meeting government claims to reduce inflation supported by the World Bank except an accelerated growth of business and industry across the country on war footing. This objective is not possible to achieve with the current mark-up rate of 17.50% p.a.
Yakoob Karim said that the proposed 4% reduction in the mark-up rate will encourage business activity and new investments resulting in a reduction in inflation.
The Chamber urges the State Bank of Pakistan’s Monetary Policy Committee to consider this reduction in their upcoming meeting, supporting Pakistan’s economic recovery and growth.
Copyright Business Recorder, 2024
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