KARACHI (APP) - Dr. Mirza Ikhtiar Baig Chairman Banking, Credit and Finance of FPCCI and Federal Advisor on Textile Industry has welcomed cut in discount rate by 100 bp (1%) by State Bank of Pakistan and easing of their Monetary Policy. However, he said, there was still room available for further cut in the discount rates by 50 to 100 bps. Dr. Baig, in a press statement here on Saturday, explained that when the inflation is reduced to 11.17% and KIBOR trading 12% below the policy rate, the industry was expecting at least a cut of 150 to 200 bps. He appreciated the introduction of new Reverse Repo Money Supply Corridor with difference of 300 bp a management system to monitor the liquidity in the market like India and Saudi Arabia and said it will give confidence to the banks to take position. He also appreciated the increase in the review of the Monetary Policy from present 4 times to 6 times enabling to take correct decisions regarding the money supply. Dr. Baig last week gave a presentation to Governor and Deputy Governor SBP with their senior Directors and Presidents of all leading commercial banks, highlighting the adverse effects of the higher mark-up on industrial growth, private sector credit and exports of the country and recommended a reduction of 1.5% to 2% in the SBP discount rates to bring down the banks lending rates, the press statement said.