RAWALPINDI ( WNAM REPORT ): The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the State Bank of Pakistan (SBP) to immediately reduce interest rates to single digits in a bid to stimulate industrial activity and drive sustainable economic growth. RCCI President Usman Shaukat emphasized that the prevailing interest rate of 12% is significantly hampering business growth and must be lowered as the Monetary Policy Committee (MPC) prepares to meet on May 5.
“Pakistan currently maintains the highest interest rate regime in the region,” said Mr. Shaukat. “This has made local industries uncompetitive and discouraged both domestic and foreign investment. We urge the MPC to take bold and decisive action by reducing the KIBOR to at least 10%, if not lower.”
Mr. Shaukat further highlighted that during recent high-level engagements between the Prime Minister’s Office, the Ministry of Finance, and chambers of commerce, the business community strongly advocated for a reduction in the cost of doing business — particularly through interest rate cuts.
“The Prime Minister and Finance Minister have shown a positive and understanding attitude toward our concerns regarding the high interest rate environment,” he stated.
“The government should now leverage this momentum and support the private sector by implementing concrete, growth-oriented measures — including lower interest rates, reduced utility tariffs, and improved logistics infrastructure,” Mr. Shaukat added.
RCCI maintains that enabling policies are vital to unlocking Pakistan’s industrial and export potential, creating jobs, and sustaining economic momentum. The Chamber reaffirmed its commitment to work collaboratively with all stakeholders to promote a more competitive and business-friendly economic environment.
