PIAF nominates Shah Alam Market’s leader to contest LCCI polls

PIAF nominates Shah Alam Market’s leader to contest LCCI polls

Lahore, JUN 12 /DNA/ – The Pakistan Industrial and Traders Associations Front (PIAF) has announced to nominate Shah Alam Market leader Rana Nisar as its new candidate for Lahore Chamber election 2024 from the Shah Alam Market Board during their visit to the Piaf Office.

A trade delegation under the leadership of Khawaja Amir, President Central Shah Alam Market Board and Secretary General Rana Nisar, Shah Alam Market Board officials and members along with the Presidents General Secretaries of the main markets of Lahore arrived at the main office of PIAF.

Patron PIAF Mian Anjum Nisar, Chairman PIAF Fahimur Rahman Saihgol, Former Chairman PIAF Muhammad Ali Mian, Mian Abuzar Shad, Senior Vice Chairman PIAF Nasrullah Mughal, Vice Chairman PIAF Tahir Manzoor Chaudhary, Senior Vice President Lahore Chamber Zafar Mehmood, other leaders of PIAF received them.

Patron Chief PIAF Mian Anjum Nisar and Chairman PIAF Fahimur Rahman Saihgol, addressing the delegation, said that PIAF has an excellent record of 22 years of service to the business community because PIAF brings qualified and working people to Lahore to advocate for the business community.

Fahimur Rahman Saihgol said that Rana Nisar from Shah Alam Market Board will prove to be a strong candidate due to his extensive experience in dealing with market problems and serving traders.

Mian Anjum Nisar provisionally nominated Rana Nisar as a hopeful from the PIAF in the Associate Class which the House applauded and supported.

He advocated for the policy rate to be reduced to a single-digit figure to alleviate the financial burden on the business community and stimulate economic activity.

Anjum Nisar highlighted that the tight monetary policy, combined with the government’s significant domestic borrowing, has left minimal room for business growth.

He stressed the urgent need for the government to freeze both domestic and foreign borrowing and to devise a comprehensive strategy to showcase Pakistan’s economic potential to international investors.

He proposed a 300-500 basis points reduction in the policy rate, potentially bringing it down to 15 percent, a level last seen several years ago. This anticipated cut is supported by several favorable economic indicators, including a significant decline in inflation rates.

Anjum Nisar also pointed out a decline in yields for government securities in both primary and secondary markets since the last monetary policy announcement in April 2024. In the primary market, yields across various tenors have decreased, with reductions of 0.6 percent in 3-month yields, 0.38 percent in 6-month yields, and 0.80 percent in 12-month yields. Similar trends have been observed in the secondary market.

On this occasion, he condemned the central bank, stating the policy rate should be further reduced. In the budget, relief should be given to exports so that exports can be increased. In the last one month, only 3.5 billion dollars of remittances have come, which can be increased further.

Issues of importers related to banking sector are still unresolved and State Bank should streamline the banking system, he added.

On this occasion, Shah Alam Market, Qatar Band Road, Multan Road, Anarkali, Liberty, Hafeez center and other important markets presidents and secretaries general, market leaders, businessmen were also present. Former Chairman Piaf Muhammad Ali Mian from the meeting. , Mian Abuzar Shad, Zafar Mehmood, Khawaja Amir, Prince Babar, Malik Muhammad Khalid and others also addressed the Shah Alam Market Board delegation.