PML-N Business Forum express disappointment over SBP decision on cut on discount rate

KARACHI – Mirza Ishtiaq Baig President Business Forum PML-N expressed his concern on meager cut by State Bank of Pakistan in their policy rate by only 75bps.  He said business community is disappointed by the decision of State Bank of Pakistan ignoring their demand to reduce discount rate by 200bps to 11.25%.

He said, at the time when central banks of 20 countries have slashed their discount rates substantially including US Federal Reserve who has cut the rate to zero to stimulus their economy, Pakistan has missed the opportunity to support its weak economy, declining stock market and to counter effect of corona virus. Ishtiaq Baig further said that Pakistan is the only country in the region having highest discount rate.