{"id":394234,"date":"2024-03-17T04:02:40","date_gmt":"2024-03-16T23:02:40","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=394234"},"modified":"2024-03-17T04:02:40","modified_gmt":"2024-03-16T23:02:40","slug":"align-interest-rate-with-the-regional-economies-and-reduce-input-costs-saqib-rafiq","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/align-interest-rate-with-the-regional-economies-and-reduce-input-costs-saqib-rafiq\/","title":{"rendered":"Align interest rate with the regional economies and reduce input costs: Saqib Rafiq"},"content":{"rendered":"<p> Rawalpindi<br \/>\nThe Rawalpindi Chamber of Commerce and Industry (RCCI) has stressed upon Government to align the interest rate with the regional economies and reduce input costs to create a more competitive and conducive environment for domestic industries to grow and further flourish.<br \/>\nSaqib Rafiq, President RCCI in a local TV interview said that the rising interest rates, soaring inflation, and massive currency devaluation has eroded the purchasing power resulting in making the industries less competitive. It is very unfortunate that the Pakistan has the highest interest rate in the region at 22%, compared to Malaysia\u2019s at 3%, China\u2019s at 3.45%, India\u2019s at 6.5% and Bangladesh\u2019s at 6%.<br \/>\nThe manufacturing output of large industries shrank 15% year-on-year in June 2023 owing to the high cost of doing business. In addition, the 12-month period of FY2023 also shows an overall decline of 10.26%, he added.<br \/>\nRCCI President further commented that the high interest rates has discouraged the industries including Small and Medium Enterprises ( SMEs) from making investments in new equipment, technology, or expansion projects.<br \/>\nHigh interest has always has negative consequences for trade, commerce, industrial output, industrial expansion, and socioeconomic development, he added.<br \/>\n\u201cIt would be hard to compete with countries in the region such as India, Bangladesh and China in the presence of high interest rates,\u201d he added.<br \/>\nHe urged the government to take the stakeholders on board and chalk out strategies to devise long-term policies for lowering interest rate, cost of doing business and inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rawalpindi The Rawalpindi Chamber of Commerce and Industry (RCCI) has stressed upon Government to align the interest rate with the regional economies and reduce input costs to create a more competitive and conducive environment for domestic industries to grow and further flourish. Saqib Rafiq, President RCCI in a local TV interview said that the rising [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-394234","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Align interest rate with the regional economies and reduce input costs: Saqib Rafiq<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/align-interest-rate-with-the-regional-economies-and-reduce-input-costs-saqib-rafiq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Align interest rate with the regional economies and reduce input costs: Saqib Rafiq\" \/>\n<meta property=\"og:description\" content=\"Rawalpindi The Rawalpindi Chamber of Commerce and Industry (RCCI) has stressed upon Government to align the interest rate with the regional economies and reduce input costs to create a more competitive and conducive environment for domestic industries to grow and further flourish. Saqib Rafiq, President RCCI in a local TV interview said that the rising [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/align-interest-rate-with-the-regional-economies-and-reduce-input-costs-saqib-rafiq\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-16T23:02:40+00:00\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:site\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Web Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script 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