Policy Rate: Businessmen want another hefty cut
The business community has called for another reduction of 150 to 200 basis points in the State Bank of Pakistan’s (SBP) policy rate that they say will help revive business, overcome low growth scenario, encourage investment and jumpstart the sluggish economy.
In a statement issued on Saturday, Lahore Chamber of Commerce and Industry (LCCI) President Irfan Qaiser Sheikh and other leaders said cheaper credit offer to business-doing people was a must to speed up the pace of industrialisation that would result in much-needed job creation.
They said the 150-basis-point cut in the policy rate made by SBP after a long period of eight years in previous monetary policy announced on October 8 was quite encouraging, but the rate needed to be brought down to single digit.
SBP will announce its bi-monthly monetary policy on November 30.
Published in The Express Tribune, November 27th, 2011.
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Thanks :-)link text
How can the policy rate be in single-digits when inflation is in double-digits? What kind of monetary policy would that be?