Rawalpindi
\nThe Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the Government of Pakistan to lower interest rates by four percent. Saqib Rafiq, President RCCI in a statement said that the year-over-year (YOY) inflation in August 2024 was 9.6 percent as opposed to 27.4 percent in August 2023.
\nAlso, the rating agency, Moody\u2019s has recently upgraded Pakistan\u2019s local and foreign currency issuer and senior unsecured debt rating to Caa2 from Caa3.
\nSaqib Rafiq further remarked that with inflation dropping to the lowest level in three years, there was a strong justification for reduction in the policy rate.
\nHe said that Pakistan\u2019s economy is currently facing a critical juncture, with a slowing GDP growth rate, a widening trade deficit, and decreasing foreign exchange reserves.
\nThe country\u2019s economic growth has been hindered by high interest rates, which have increased the cost of doing business, reduced investment, and discouraged entrepreneurship.
\nA reduction in interest rates will help stimulate economic activity, increase investment, and promote entrepreneurship, ultimately leading to job creation and economic growth, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rawalpindi The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the Government of Pakistan to lower interest rates by four percent. Saqib Rafiq, President RCCI in a statement said that the year-over-year (YOY) inflation in August 2024 was 9.6 percent as opposed to 27.4 percent in August 2023. Also, the rating agency, Moody\u2019s has […]<\/p>\n","protected":false},"author":2,"featured_media":397519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-429868","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n