FCCI hails 1 per cent cut in policy rate.

FAISALABAD -- Rana Sikandar Azam Khan President Faisalabad Chamber of Commerce and Industry (FCCI) had welcomed one percent cut in state bank's policy rate from 8 to 7 percent and reiterated his previous demand to fix it at 5 percent so that the businesses affected due to coronavirus might be revived with the availability of cheap loans.

He said that coronavirus had badly affected all businesses and SBP must make arrangements to provide our businessmen with cheap loans so that they could restart and further enhance their production with a renewed vigor and recapture foreign markets as soon as possible. He told that FCCI had been demanding for the last many years that the policy rate should be fixed at only 5 percent according to the ground reality.

He lamented that the government and State Bank of Pakistan (SBP) observed exceptional but unnecessary precautions and reduced the policy rate in phases which consumed many months. He said that the corona pandemic had badly affected our economy which was already in vulnerable condition.

He told that Pakistanis working in other countries had come back and now Pakistan would be unable to get benefit from their remittance...