SAARC Chamber Of Commerce And Industry Former President Iftikhar Ali Malik Welcomes Cut In Policy Rate

Muhammad Irfan Published December 17, 2024 | 08:00 PM

SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik Tuesday welcomed 200 basis points reduction in monetary policy rate by State Bank of Pakistan (SBP)

LAHORE, (UrduPoint / Pakistan Point News - 17th Dec, 2024) SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik Tuesday welcomed 200 basis points reduction in monetary policy rate by State Bank of Pakistan (SBP).

He termed it as a timely step that would help boost economic growth, support trade, and revitalize industrial sector.

In a media statement issued here, Malik also

acknowledged the efforts of the SBP, Special Investment Facilitation Council (SIFC) in controlling inflation, stabilizing foreign exchange reserves, and improving the overall business climate.

The two percent cut in policy rate would not only provide much-needed relief to businesses and industries struggling with high borrowing costs, but also stimulate investment, reduce the cost of doing business, and create an enabling environment for growth, he observed.

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Malik asserted, "It will boost the confidence of local and foreign investors, drive job creation, and ensure sustainable economic development in Pakistan."

Highlighting the broader economic impact, he stated that the reduction in the policy rate would ease financial pressure on manufacturers, exporters, and small and medium enterprises (SMEs), enabling them to access cheaper credit and expand operations.

He hailed the government for lowering inflation, citing that maintaining price stability and enhancing economic activity is the hallmark of a sound economic strategy.

Iftikhar Ali Malik also urged the government to continue with such business-friendly and economic policies.