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RAWALPINDI, Jul 26 (APP):The Rawalpindi Chamber of Commerce and Industry (RCCI) has strongly urged the State Bank of Pakistan (SBP) to reduce the policy interest rate by a minimum of 3%, stressing that bringing the rate down to single digits is essential to reviving the economy.
RCCI President Usman Shaukat emphasized that a significant interest rate cut is critical to restoring investor confidence, promoting industrial growth, and attracting much-needed foreign investment into Pakistan.
In a statement on Saturday, the chamber’s president highlighted that high interest rates have burdened businesses, increased production costs and hampered economic expansion.
“A substantial reduction, ideally to a single-digit level, will not only provide relief to the business community but also create a conducive environment for both local and international investors”, he said.
Usman further highlighted that lowering the cost of borrowing would support struggling sectors, particularly manufacturing and SMEs, which are vital for job creation and economic stability.
RCCI urged the SBP to take immediate and bold steps in its upcoming monetary policy to facilitate sustainable economic growth and ensure a more business-friendly environment.