RCCI urges reduction in policy rate
The Rawalpindi Chamber of Commerce and Industry (RCCI) expressed regret over the State Bank maintaining the monetary policy rate at 15%. RCCI President Saqib Rafiq said that the business community was expecting a reduction in interest rates so that the wheels of the economy can run. “Bringing the policy rate down to single digits can be helpful in reviving business activities and turning around the downward slide of the economy amid the prevalent challenging times,” he added. The policy interest rates in the neighbouring countries are all in the lower single digits; India at 5.90%, and Bangladesh at 5.75%, he said. The cost of production has increased many times due to inflation, added Rafiq.
Published in The Express Tribune, October 12th, 2022.
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