President Federation of Pakistan Chambers of Commerce and Industries Atif Ikram Sheikh has said that the reduction of 200 basis points in the policy rate by the State Bank is welcome, there is scope for further reduction in the interest rate.
President Federation of Pakistan Chambers of Commerce and Industries Atif Ikram Sheikh has welcomed the announcement of a 2 percent reduction in interest rates by the Central Bank and said that the next monetary policy announcement may reduce by 400 basis points. In the last six months policy rate has been reduced by 9%.
Atif Ikram Sheikh said that the reduction in the policy rate will increase the economic development, the currency circulation including investment, exports will also increase, the reduction in the interest rate will also reduce the internal debt of the government. Cancellation of contracts with the IPP's is also an important step by the government.
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