KARACHI: President of the Chaman Chamber of Commerce and Industry (CCCI), Abdul Nafay Jan has said that the State Bank of Pakistan should reduce the interest rate from 11% to a single digit. This reduction will accelerate the economy, create jobs, and control inflation. Inflation, as measured by the Consumer Price Index (CPI), fell by 0.3% in June, which is a positive sign.
In a statement, he emphasized that Pakistan’s industrial sector, which had been stagnant, can become productive again with a lower interest rate. Abdul Nafi Jan said that favorable conditions have started to emerge in the international market as well, which can boost Pakistan’s exports.
He further highlighted that a reduction in interest rates has allowed the government to save 3.5 trillion rupees in interest payments on loans. This amount can now be used for public welfare projects.
Abdul Nafi Jan said that a business-friendly environment, reduction in electricity prices, and the end of smuggling and corruption are essential for economic development. He also appealed to the government to bring reforms in tax collection and reduce unnecessary expenses.
According to him, strengthening local industries, promoting exports, and reducing imports are the key to long-term economic stability.
Copyright Business Recorder, 2025