LAHORE - Rice Exporters Association of Pakistan (REAP) Chairman Malik Faisal Jahangir has urged the government to support economic growth by reducing the policy rate by 500 basis points. In a statement issued here Friday, he said that a substantial reduction in the policy rate would not only stimulate economic activities but would also be beneficial to the government. An undue delay leads to unnecessary loss to the country’s economy, especially when the government is also seriously considering to bring policy rate down to single digits. “A timely action would mark a notable improvement in our economic stability and demonstrate the effectiveness of our recent policy measures,” he added. According to him, a considerable reduction has become need of the hour as it would help bring bank mark-up rates back to single digits, making credit more affordable for businesses and consumers alike. Lower interest rates will stimulate investment, boost economic activity, and contribute to the overall prosperity of our nation, he added. He said the Consumer Price Index (CPI) for November 2024 has already reduced to 4.9% year-on-year (YoY), compared to 7.2% in the previous month.