📌 Key Highlights & Quick Takeaways:
- KARACHI: FPCCI has reacted strongly to the increase in policy rate and demanded the government to bring the interest rate to single digit.
- The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly condemned the 0.5 percent hike in the policy rate by the State.
- President FPCCI Atif Ikram Sheikh said that increasing the policy rate to 12 percent will affect the competitiveness of the country's econom.
KARACHI: FPCCI has reacted strongly to the increase in policy rate and demanded the government to bring the interest rate to single digit.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly condemned the 0.5 percent hike in the policy rate by the State Bank and demanded to bring the interest rate to single digit immediately.
President FPCCI Atif Ikram Sheikh said that increasing the policy rate to 12 percent will affect the competitiveness of the country's economy, while the development of industries and the competitiveness of Pakistani products in the global markets will be further weakened.
Atif Ikram Shaikh says that industrialists are already facing high cost of production, increase in utility tariff and financial difficulties, thus raising interest rates will create more difficulties for the business sector.
He said that high interest rates have made it unaffordable for businesses to get credit, while tight monetary policy continues to hamper investment, industrial production and new employment opportunities.
