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LAHORE, Jan 28 (APP):Pakistan International Business Forum (PIBF) on Wednesday expressed concerns over
maintaining status quo in the monetary policy, terming it against the expectations of the
business community.
In a media statement here Wednesday, PIBF President Muhammad Ejaz Tanveer, Secretary General Malik Mahmood, Chief Organizer Maaz Qazi and Coordinator R&D Tahir Mavia said that the business community had clearly demanded a 3.5 percent reduction in the policy rate, but these concerns were not addressed by the monetary authorities.
The PIBF office-bearers said that cut in policy rate is indispensable for achieving export targets,
ensuring the smooth functioning of industrial activity, and maintaining stability in the rupee-dollar
exchange rate, adding that interest rate must be brought down to seven per cent.
They urged the government and State Bank of Pakistan to align monetary policy with on-ground
economic realities and adopt a growth-supportive approach to revive business confidence
and economic activity.