Usman Shaukat, President of the Rawalpindi Chamber of Commerce and Industry (RCCI), on Tuesday termed the decision of the State Bank of Pakistan (SBP) to keep the policy interest rate unchanged at 10.5 percent a prudent step in the prevailing economic situation.
RCCI lauds SBP decision to keep policy rate unchanged
RAWALPINDI, Mar 10 (APP):Usman Shaukat, President of the Rawalpindi Chamber of Commerce and Industry (RCCI), on Tuesday termed the decision of the State Bank of Pakistan (SBP) to keep the policy interest rate unchanged at 10.5 percent a prudent step in the prevailing economic situation.
In a statement, he said maintaining the policy rate reflects a cautious and balanced approach amid geopolitical uncertainties, rising global energy prices and supply chain disruptions that continue to fuel inflationary pressures worldwide.
He said stability in the policy rate sends a positive signal to the business community, adding that any further increase in interest rates could negatively affect business confidence, investment and industrial expansion.
Usman Shaukat said high borrowing costs particularly affect small and medium enterprises, making it difficult for them to sustain growth and create employment opportunities.
He urged policymakers to continue closely monitoring global economic developments and adopt measures to promote industrial growth, exports and ease of doing business in the country
