Lahore Chamber of Commerce and Industry expresses dismay over State Bank's decision to keep policy rate unchanged

Lahore Chamber of Commerce and Industry expresses dismay over State Bank’s decision to keep policy rate unchanged

 

Lahore, February 08, 2013 (PPI-OT): The Lahore Chamber of Commerce and Industry Friday expressed its dismay over the SBP’s decision to keep policy rate unchanged and called for bringing it to 8% to encourage new investments, revive businesses and give a jumpstart to the economy which is at a standstill.

In a statement issued here, the LCCI President Farooq Iftikhar, Senior Vice President Irfan Iqbal Sheikh and Vice President Mian Abuzar Shad said that the availability of cheaper money to the business-doing people is a must to expedite the process of industrialization that would ultimately result in much-needed job creation.

They said that 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 all should understand that a cut in the policy rate is absolutely necessary.

The LCCI office-bearers said that all the major economies despite having higher inflation have either curtailed or are in the process of reducing interest rates to protect their respective economies. They said that the State Bank of Pakistan should understand that its continued tighter monetary policy stance is inflicting a heavy loss on the national economy. It is coming in the way of industrialisation process in the country.

“If cheaper money would not be made available to the business-doing people, nobody would be putting up new ventures.” They said that high interest rate also keeps the manufacturers from investing money in capacity expansion, in technological upgradation and product diversification therefore the SBP should bring it down so that the target set in the recently announced three-year Strategic Trade Policy Framework could be achieved.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

 
 
 

0 Comments

You can be the first one to leave a comment.

 
 

Leave a Comment

 

You must be logged in to post a comment.