Karachi: Ahmed Azim Alvi, President of SITE Association of Industry Karachi, has termed the State Bank of Pakistan’s decision to maintain the policy rate at 12% against the expectations of the business community as disappointing. In a statement, he said that the business community had hoped that the central bank would reduce the policy rate by at least 2% considering the gradually decreasing inflation in the country, but this did not happen, causing concern among the business community.
SAI chief further stated that the continuous reduction in inflation and the country’s progress towards improvement are positive signs that the central bank should have considered. The business community has consistently demanded that the interest rate be brought down to single digits, but the Monetary Policy Committee does not seem to take our demands seriously. He emphasized that industrial growth is crucial for the country’s development, and easy access to loans on favorable terms can certainly set the country on the path to progress.
Ahmed Azim Alvi appealed to the State Bank of Pakistan to support the government’s efforts to promote industries and contribute to the realization of Prime Minister Shahbaz Sharif’s vision. He urged the central bank to gradually reduce the policy rate and bring it to a single-digit level so that loans can be accessed at lower rates, enabling faster economic activity.
