Staff Reporter
Karachi
Abdul Hadi, president Site Association of Industry, has called 7pc policy rate insufficient and urged the Governor State Bank to bring down the policy rate from 7.0pc to 4.0pc in view of the extra-ordinary circumstances and a global economic crisis due to Covid-19 pandemic, so that business & industrial activities could continue unabated.
In a statement issued on Wednesday, Abdul Hadi said that the policy rate in Pakistan is much higher than other countries in the region. The policy rate in Bangladesh is 4pc and in India it is 4.5pc while in Pakistan it is 7pc which is very high, so a reduction in the policy rate is essential to make Pakistani exporters competitive
“Pakistan, like other countries in the region, should bring down the policy rate from 7.0pc to 4.0pc, which would enable exporters to easily compete in the price race in the global markets”, he added.
