RAWALPINDI, SEPT 16 /DNA/ – The business community has voiced serious concerns over the State Bank of Pakistan’s (SBP) decision to keep the policy rate unchanged at 11 percent, calling the move detrimental to industrialists, entrepreneurs, and investors.
President of the Rawalpindi Chamber of Commerce and Industry (RCCI), Mr. Usman Shaukat, in a statement, expressed disappointment at the central bank’s stance, stating:
“We are disappointed by the State Bank of Pakistan’s decision to maintain the current interest rate. Despite easing inflationary pressures and other favorable economic indicators, the central bank’s decision not to cut the policy rate will likely hamper economic growth. The Rawalpindi Chamber of Commerce and Industry has consistently advocated for a single-digit policy rate over the past three cycles. We believe such a move would have provided much-needed relief to businesses and stimulated economic activity. We strongly urge the State Bank to reconsider its stance and reduce the policy rate to single digits in order to support Pakistan’s economic growth and development.”
The RCCI emphasized that the continuation of high interest rates has eroded business confidence, increased the cost of doing business, and constrained investment and expansion opportunities. The Chamber reiterated its call for pro-growth monetary policies to revive industrial activity, generate employment, and attract investment in the country.
