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ESHAWAR, Dec 16 (APP): Sarhad Chamber of Commerce and Industry (SCCI) expressed dissatisfaction over a 0.5 percent cut in the rate of interest and termed it a drop in the ocean and urged bringing it down to a single digit.
In a press statement issued here on Tuesday, President Junaid Altaf, Senior Vice President Muhammad Nadeem, Vice President Sabir Ahmad Bangash and the entire executive committee emphasized that it is crucial to bring down the policy rate to 6.0 per cent.
If the policy rate were brought down to a single digit, that would bring further economic stability and industrial growth, and also pave the way for enabling the environment to foster commercial activities, senior office bearers remarked. The rate of inflation has visibly dropped, they stated, adding that, according to official figures, the national economy is on a path to sustainable progress.
In the prevailing depressing conditions, they said the policy rate cut is insufficient to improve the overall economic situation and clarified that economic growth is impossible sans bringing down interest at 6.0 percent.
President Junaid Altaf has pushed for a further decrease in policy rate that would accelerate industrial and commercial activities and put the national economy on a path of durable and sustainable growth.
The SCCI chief pointed out that the highest power and gas tariff, harsh institutional policies, exorbitant tax rate and record high interest rate in the region are the major contributors to hindering business and industrial progress. Lowest markup rate, whereas its ratio in Pakistan is merely 2.1 percent.
President Junaid Altaf stressed that the tax base should be widened by effective implementation of a mechanism for Ease of Doing Business.
He also emphasised the need for a drastic and extraordinary reduction in power tariffs and interest rates.
The SCCI chief called for the reshaping and formulation of durable and sustainable economic policies to provide opportunities to local investors on priority grounds and enhance business and commercial activities effectively in the regional market.
President Junaid Altaf praised the Special Investment Facilitation Council for its vigorous efforts for promotion of investment and businesses, and urged to bring down the current interest rate under PM’s vision and sustained efforts of SIFC for accelerating economic activities in the country.