KARACHI - The Lasbela Chamber of Commerce and Industry (LCCI) President Ismail Suttar has opposed the State Bank’s decision to keep monetary policy unchanged at 10 percent for the next two months despite the fact that various economic indicators of the country have started showing signs of improvement.
In a statement he said that exporters have already suffered monetary losses due to abrupt fall of dollar and facing financial crunch, the central bank has remained unmoved while industry was expecting at least one percent reduction in interest rate.
He urged the State Bank to review its decision and bring down the key policy rate by at least 1 percent to 9 percent in order to reduce the cost of doing business and give some relief to the business community members who are already under immense pressure due to recent depreciation of US dollar.
President LCCI further advised the government to take business community on board prior to taking such decisions having a direct impact on cost of doing business.