ISLAMABAD
\nThe Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, on Wednesday welcomed a cut in the interest rates.
\nHe said that the policy rate reduction proves that the government focuses on the economy and that the country is coming out of problems, not due to statements but practical steps. Mian Zahid Hussain said that the economic situation is improving rapidly, so there was scope for a reduction in interest rates of up to five hundred basis points instead of two hundred basis points.
\nTalking to the business community, the veteran business leader said that the interest rate should be in the single digits so that businesses grow, people get jobs, and the government gets taxes.
\nThe business leader said that the confidence of the local and foreign business community is continuously increasing, so the government should continue the series of reforms and not allow anyone to derail it.
\nMian Zahid Hussain further said that the economic deterioration caused by incompetent rulers\u2019 policies had shaken the country\u2019s foundations. The value of the rupee had been lost, and the highest inflation in the country\u2019s history had taken away the desire to live for millions of people.
\nAt that time, everything was becoming expensive daily. The prices of many items had increased manifold, but people\u2019s incomes had not increased, which made it difficult for millions of people to manage food. He noted that when Pakistan was rapidly going towards bankruptcy, the change of government and the determination of the military and political leadership changed the situation.
\nWith their hard work, the rupee\u2019s decline was stopped, smuggling decreased significantly, and tax revenue increased, which increased the confidence of domestic and foreign investors and important institutions.
\nMian Zahid Hussain said that the reform process should be continued so that things can improve and the people can get some relief. He noted that the central bank shows unnecessary caution in reducing interest rates, disappointing some business segments.
\nSome sections of the business community are calling the 2% reduction in interest rates disappointing. He said that if the interest rate is brought to 13%, keeping in mind the continuous decline in inflation, it will not positively impact the economy.
\nHowever, if interest rates are brought to single digits, not only will economic activities accelerate, but the tendency to borrow from banks will increase, which will encourage the expansion of industries and the establishment of new industries.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, on Wednesday welcomed a cut in the interest rates. He said that the policy […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-450261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"yoast_head":"\n