Karachi: Chairman of the Pakistan Chemicals & Dyes Merchants Association (PCDMA), Salim Valimuhammad, has strongly criticized the State Bank of Pakistan’s decision to maintain the interest rate at 11 %, calling it a major setback for the business community and a blow to economic recovery efforts.
Speaking on the newly announced monetary policy, PCDMA president expressed deep concern over the central bank’s reluctance to reduce the interest rate. “The business sector is already under immense pressure. Without a cut in interest rates, economic activity will continue to decline,” he said.
He emphasized that sustainable growth and investment revival are only possible if the interest rate is brought down to single digits. “We have repeatedly urged the authorities to lower the rate. Until that happens, there can be no meaningful improvement in the economy,” he added.
Salim Valimuhammad urged both the government and the State Bank to align their decisions with ground realities. “Time is being wasted while the economy stagnates. The only way forward is to ease the burden on businesses through a substantial rate cut,” he stated.
The PCDMA chairman called on policymakers to act swiftly, warning that without immediate intervention, industrial and commercial activities will continue to suffer, deepening the country’s economic crisis.
