PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) has pinned high hopes about reduction in interest rate in the forthcoming meeting of the State Bank monetary policy committee, as it wants to bring it down to single digit.
SCCI president Muhammad Junaid Altaf, senior vice-president Muhammad Nadeem and vice-president Sabir Ahmad Bangash along with the entire executive committee of the chamber in a joint statement on Friday said that bringing the policy rate into single digits is essential for revival of industries, ease of doing business and put the economy on path of sustainable growth.
Senior office-bearers have urged the central bank to realign its monetary policy with ground realities, warning that the current interest rate regime is strangling the economy and burdening taxpayers.
They called on the government to create a pro-business environment by cutting interest rates, lowering power tariffs, and supporting export-led growth.
Junaid Altaf while giving reference to the official figures and reports economic indicators, stated inflation hovering below five percent and argued that the policy rate of 10.5 percent is completely unjustifiable.
Junaid Altaf emphasized the business community has consistently raised concerns that high borrowing costs are creating significant challenges.
The SCCI chief urged SBP to bring down the policy rate to single digit, with a target of 6 percent by next three to four months, aligning Pakistan with regional benchmarks and unlocking economic potential.
“Reducing the interest rate would not only cut domestic debt servicing costs by half but also stimulate business activity, create jobs, and make Pakistan competitive in global markets,” he asserted.
