The clamour rises

HOURS after the State Bank of Pakistan (SBP) announced its monetary policy decision cutting the key policy rate by one percentage point, the business community was in an uproar. They wanted more. Taking the lead in this clamour for faster rate cuts is the apex chamber of the country, the Federation of Pakistan Chambers of Commerce and Industry. In a testy statement issued immediately after the announcement, they proclaimed their “disappointment” with the decision. “FPCCI demanded an immediate and single-stroke rate cut of 500 basis points,” the chamber declared, adding such a cut would “align it to the vision of the Special Investment Facilitation Council (SIFC) and the prime minister’s vision for economic growth and exports’ growth”.