FAISALABAD, Feb 26 (APP):President Faisalabad Chamber of Commerce & Industry (FCCI) Farooq Yousaf Sheikh has demanded bringing the policy interest rate into single digit to accelerate economic activity across the country and said that improvement of macroeconomic indicators would present best opportunity for further reduction.
He said that current policy rate stands at 10.5 per cent which has been significantly reduced from 22.5 per cent due to disciplined financial management and responsible policymaking.
He said that inflation has also witnessed a remarkable decline from 30 percent to 5.5 percent, reflecting economic stabilization and prudent fiscal measures.
Farooq Yousaf Sheikh emphasized that lowering the interest rate to single digits would provide much-needed relief to the industrial sector, stimulate fresh investment and enhance industrial productivity.
Affordable credit would enable businesses to expand operations, boost exports and generate new employment opportunities, thereby strengthening the overall economy, he added.
He also urged the policymakers to capitalize on the positive macroeconomic momentum and take timely decisions to ensure sustainable economic growth, industrial revival and improved competitiveness of Pakistani products in international markets.