Industrialists decry 1% rate cut

Rejecting the 1% cut in interest rate as tiny, industrialists and traders have asked the State Bank of Pakistan (SBP) to do more, with a view to boosting economic growth. They said the poor economic strategy of the government and the central bank dismayed the entire business community of the country. They called for a more holistic and pragmatic approach to monetary policy, one that aligns not only with the region but also with the government's broader objectives of economic growth, export enhancement, and employment generation. Expressing strong disappointment over the SBP's decision to implement a nominal reduction of just 1% in the policy interest rate, Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Jawed Bilwani criticised the move as insufficient to address the prevailing economic challenges and unlock the country's growth potential. He said the decision reflects a lack of urgency in addressing the critical financial and economic issues faced by businesses, particularly small and medium-sized enterprises (SMEs) across the country.