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HYDERABAD, Jul 28 (APP):President Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, has urged the State Bank of Pakistan (SBP) to set prevailing 11% policy rate to single digits.
He emphasized that the current rate remains exceptionally high which could affect economic recovery and sustainable business growth.
Saleem Memon stated that based on international standards, current inflation trends and the overall economic condition of the country, the policy rate should ideally be around 6%.
However, considering the prevailing circumstances, the government must at least bring it below 9% to inject much needed momentum into Pakistan’s industrial, commercial and export sectors.
In conclusion, HCSTSI President Saleem Memon made a strong appeal to the government and SBP to adopt a phased approach to bring down the interest rate to 6%, starting with an immediate reduction below 9%.
He stressed that such a move would not only ease the burden of government borrowing but also provide major relief to ordinary citizens, industrialists, traders, exporters and potential investors.