Karachi (13-12-2024) – S.M. Tanveer, Patron-in-Chief of United Business Group and Businessmen Panel Pakistan (UBG-BMPP), has called on the government to support economic growth by announcing a one-time reduction of 500 basis points in the policy rate during Monday’s monetary policy review.
S.M. Tanveer stated that a significant cut in the interest rate would not only boost economic activities but also prove beneficial for the government. He emphasized that unnecessary delays harm the country’s economy, particularly when the government is already seriously considering bringing the policy rate down to single digits. A timely move would demonstrate significant improvements in economic stability and underscore the effectiveness of recent policy measures.
He further added that a notable reduction in the policy rate has become the need of the hour, as it would bring bank mark-up rates back to single digits, making credit more accessible for businesses and consumers. Lower interest rates will promote investment, increase economic activity, and contribute to the overall prosperity of the nation.
S.M. Tanveer highlighted that the Consumer Price Index (CPI) for November 2024 has already dropped year-on-year (YoY) to 4.9%, compared to 7.2% in the previous month. He stated that the actual inflation rate has surpassed all forecasts, showcasing the diligent efforts of economic planners and the resilience of the business community.
At UBG-BMPP, S.M. Tanveer affirmed their commitment to supporting policies that foster economic growth, stability, and prosperity for all. He further resolved that the group will continue to collaborate with the government, industry stakeholders, and international partners to sustain and build upon these achievements.
