The business community has welcomed the monetary policy announced by the State Bank of Pakistan (SBP) on Saturday. The business leaders including Maqsood Ismail, President Lasbela Chamber of Commerce and Industry (LCCI) and Chairman, Pakistan Tanners Association (SZ) Rehan Hannan while hailing the Monetary Policy being maintained at 600 basis points said that the state of economy demands further in basis points by at least 100 basis points in order to give breathing space to the industry that has remained under extreme pressure due to unbearable cost of doing business besides tough competition from foreign competitors that keeping on to snatch Pakistan's market share in the global markets.
Former President, LCCI, Yakoob H Karim also commenting on the newly announced Monetary Policy said that the government has not given price cushion to the industry for falling oil prices globally and industrialists had to buy expensive industrial inputs. He said that the government has neither cut down fuel prices especially gas and electricity while on the other side rulers let the oil marketing companies and utility agencies to extort the consumers by staying away from lowering the tariffs during last three years.
The Chairman, Pakistan Readymade Garments Manufacturers and Exporters Association (SZ) Arshad Aziz has also demanded at least 100 basis points reduction in discount rates in order to provide a little relief to the manufacturing sector. He said that if the government really wants to revive ailing economy it should provide maximum level of relief to the industry.
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