LAHORE- The Lahore Chamber of Commerce and Industry, while commenting on the SBP decision to cut discount rates by 50 basis points from existing 13 per cent, has said that it is not enough and there is a dire need to bring it to single digit. In a statement issued soon after the announcement of SBP Monetary Policy here on Tuesday, the LCCI President Zafar Iqbal Chaudhry, Senior Vice President Ejaz A. Mumtaz and Vice President Faisal Iqbal Sheikh said that the economy was facing unprecedented crisis and the decrease made by the SBP in interest rate was just peanut. There is a need to make further cut in the interest rates to turn the economy around and enhance industrial productivity, which was at its lowest ebb due to multiple reasons including acute energy shortage. The LCCI President said that the Lahore Chamber of Commerce and Industry had been convincing the govt to bring down the interest rates, as keeping it at the highest level on the pretext of controlling inflation was doing no good to the economy. Zafar Iqbal Chaudhry expressed his surprise saying that despite sufficient decrease in inflation, which remained at 8.9 per cent during the whole of the year, the SBP kept the monetary policy very tight. If the government wants industrial revolution, cut in poverty and unemployment, the State Bank of Pakistan would have to bring the interest rates to single digit, the LCCI President added.