Progressive Group, a representative platform of traders and industrialists, has welcomed the cut of 50 basis points announced in the Monetary Policy by the State Bank of Pakistan the other day.

Progressive Group President Khalid Usman and Secretary Information Muhammad Ijaz Tanveer, welcoming the cut announced by the central bank, said it is a good omen on the occasion of Pakistan Day and it will help the industry accelerating the movement of its wheels.

They said that it was a long demand of the industry and business people to bring down the discount rate in line with the inflation and other ground realities and step taken by the central bank now and in the past are a wise decision in this regard. They said that by virtue of this decision the industry may take some sigh of relief as reduction of half per cent interest would definitely give some breathing space to the industry.

They said that the industry had asked the SBP to reduce more but even this relief would be highly welcomed by the business community particularly the industry.

Khalid Usman and Ejaz Tanveer said that interest rate is an important input for the industrial and business sectors and always influences the cost of production.

They said that this fact should be kept in mind by the policy makers that Japan, Sweden and Switzerland are aiding their industrial sector at 0% discount rate as compared to Pakistan. Minimal discount rate would help our industry to be competitive in the international market and make most of the opportunities exist for it in shape of greater access to EU markets etc.

They also congratulated the entire nation on the occasion of Pakistan Day especially the armed forces of Pakistan which were not only fighting bravely against the menace of terrorism but also returned the happy moments to inhabitants of this Pak land in shape of restoring old traditions of armed forces parade and other festivities.