Businessmen demand cut in policy rate

The business community has urged the government to slash the policy rate instead of hiking it in order to revive the economy and boost business and trade activities, which have been affected by the coronavirus pandemic.

In a meeting with traders and industrialists on Wednesday, Sarhad Chamber of Commerce and Industry President Sherbaz Bilour anticipated that the government would raise the policy rate by 2%, which would prove detrimental to the Covid-19-hit domestic economy and businesses.

“If the government increases the policy rate, it can turn local industries uncompetitive against other countries, which will not be in the best interest of the country,” he said. He noted that business activities had slowed down owing to prolonged lockdown.

Published in The Express Tribune, October 22^nd, 2020.

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