KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, today stated his dismay on the State Bank of Pakistan (SBP) to not announcing a substantial cut in its key policy rate and maintaining the rate at 11%. He emphasized that the current restrictive monetary policy is stifling economic growth and investment, creating an \u201cinvestment famine\u201d across the nation. Hussain, stated, \u201cWhile we appreciate the SBP\u2019s commitment to price stability, its current policy rate of 11.00% is an unjustifiable burden on businesses and a significant obstacle to national progress\u201d. He noted that with inflation now in single digits, the interest rate was justified to reduce to nearly 6%, a figure that is reasonable to compete with Pakistan\u2019s regional competitors. \u201cHigh borrowing costs are disproportionately impacting our small and medium-sized enterprises and making it impossible for them to expand, innovate, and create jobs,\u201d Hussain said. He reiterated the FPCCI\u2019s demand for an immediate, single-stroke cut of up to 500 basis points, arguing that such a move was essential to rationalize monetary policy and align it with the national imperative for economic and export growth. Hussain urged the central bank to consider the urgent needs of the private sector and to move beyond a singular focus on price stability to one that also supports economic dynamism, competitiveness. Our Correspondent<\/p>\n
reducing cost of production and boosting of exports which is necessary for filling up trade deficit and controlling dollar shortage. \u201cThe time for a bold decision was now. A substantial rate cut was not a risk; but necessary step to unlock our economy\u2019s full potential,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, today stated his dismay on the State Bank of Pakistan (SBP) to not announcing a substantial cut in its key policy rate and maintaining […]<\/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-503097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n