Lahore Chamber of Commerce and Industry expressed its dismay over State Bank’s decision to keep policy rate unchanged and called for bringing it down to single digit to encourage new investments, for revival of businesses to give a jumpstart to economy which is at a standstill. In a statement, LCCI Acting President Kashif Younis Meher and Vice President Saeeda Nazar said availability of cheaper money to businessmen is necessary to expedite process of industrialisation that would ultimately result in much-needed job creation. 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. However the interest rate needs to be brought down to single digit they exclaimed. LCCI office-bearers said ongoing economic scenario shows that there is hardly any time left for economic managers of the country to manage things on economic front; therefore they should understand well that a cut in policy rate is direly needed. LCCI office-bearers said all major economies despite having higher inflation have either curtailed or are in the process of reducing interest rates to protect their respective economies. LCCI Acting President and Vice President said State Bank of Pakistan should understand that its continued tighter stance is inflicting a very heavy loss on national economy therefore they should ensure availability of cheaper money to the businessmen.
