WNAM REPORT: The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed strong disappointment over the State Bank of Pakistan’s (SBP) decision to maintain the policy interest rate at 11 percent for the fourth consecutive meeting.
The business community had widely expected a substantial reduction in the interest rate to single digits to stimulate economic revival. However, the SBP’s decision has sparked frustration among industrialists, traders, and investors across the country.
RCCI President Usman Shaukat warned that the decision would prolong stagflation, discourage investment, and negatively impact employment generation.
“The private sector is already under immense strain, and the SBP’s inaction is further exacerbating the challenges faced by manufacturers and exporters,” he stated.
The RCCI chief urged both the government and the central bank to reconsider their monetary policy stance and reduce the policy interest rate to single digits.
“A growth-oriented monetary policy is urgently needed to reinvigorate economic activity, protect jobs, and ensure the sustainability of businesses,” he emphasized.
He further noted that even the SBP, in its own statement, acknowledged that “the MPC assessed that the impact of the recent floods on the broader economy appears to be somewhat lower than anticipated at the time of its previous meeting.”
RCCI reiterated its call for pragmatic and business-friendly monetary policies to foster investment, enhance industrial output, and support sustainable economic growth.
RCCI Deplores SBP Decision to Maintain Interest Rate at 11% Rawalpindi
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