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MULTAN, Jul 25 (APP):President Multan Chamber of Commerce and Industry (MCCI) Mian Bakhtawar Tanweer Sheikh reiterated the demand for bringing policy rate down to six per cent from existing 11 per cent, saying it would give a boost to trade activities and make the industrial wheel run again with full vigour.
In a statement issued here on Friday, he said that 11 per cent policy rate was very high and it did not favour trade and industry, adding that there was room to reduce it considerably at a time when inflation was down to mere four per cent and Consumer Price Index (CPI) at 0.3pc.
Highlighting the benefits, he said, it would make Pakistani export-oriented products competitive in the international markets, improve domestic investment and claimed it would also make possible Rs 3.5 trillion saving to government on payment of interest on loans. He requested the government that the policy rate be reduced adding that State Bank of Pakistan (SBP) was expected to announce Monetary Policy on July 30, 2025.
The MCCI president also urged the government to review tax policy under Finance Act 2025-26, adding that it would affect small and big businesses and may trigger protests.
Bakhtawar Sheikh also demanded the Punjab government to review the new labour policy. Stating that keeping businesses and industry operational in such circumstances was becoming difficult, he urged the government and policy-making institutions to come up with business-friendly policies to restore the confidence of investors through creating conducive environment for trade and industrial operations and save the economy from stagnation.