Lahore Chamber of Commerce and Industry Saturday urged State Bank of Pakistan to make another 150 to 200 basis point cut in policy rate in the third monetary policy, likely to be announced on 30th November. This step is touted to bring about revival of businesses, overcome low-growth scenario, to encourage new investments and give a jumpstart to the sluggish economy. In a statement LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar said that availability of cheaper money to businessmen is a must to expedite process of industrialisation that would ultimately result in creation of jobs. LCCI office-bearers said 150 basis point cut made after a long period of eight years by State Bank of Pakistan in previous bi-monthly monetary policy was quite encouraging but still interest rate needs to be brought down to single digit. LCCI office-bearers said ongoing economic scenario shows that there is hardly any time left for economic managers of the country to help stop industrial closures and defaults. Therefore people sitting at the helm of affairs in government and State Bank of Pakistan should understand that a 50 basis point cut will be too minute for a tangible favour to business community, they reiterated.
