Demand to cut discount rate

Karachi: President, Lasbela Chamber of Commerce and Industry (LCCI), Ismail Suttar has urged the Governor, State Bank of Pakistan to bring the discount rate to around 6 to 7 per cent in order to support the industrial investment in the current economic scenario and severe shortage of energy and high POL prices.

He hoped that the Federal Finance Minister, Ishaq Dar and Governor SBP, Ashraf M. Wathra would further consider this matter to take appropriate measures to facilitate the industrial investment, which has slowed down due to damaging of competitiveness as compared to other countries in the region where the discount rate is much lower than that in Pakistan.

Ismail has further said that the expansion of economy is imperative in order to meet the sustained economic growth and to create employment opportunities for the people. It is possible only with the availability of cheaper liquidity to the investors who are looking towards the competitiveness in the wake of appreciation of Pak Rupee against US Dollar, GSP Plus status and the high rate of inflation, besides the law and order situation. For this purpose the central bank should take lead to frame the investment friendly monetary policies keeping in view the current economic indicators.

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