LCCI hails SBP’s Monetary Policy

KARACHI/ISLAMABAD – Chamber of Small Traders on Sunday said Government’s focus on SMEs uplift can ensure rapid economic development which will resolve many problems including unemployment, reduced exports and dismal revenue situation.

All the SAARC countries too have designed policies for the promotion of this sector, though with uneven results. Yet their faith in SMEs is ever growing, it said.

The business community will push the authorities concerned to take steps for swift development of the SME sector, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
While, Business community in Karachi hailed continuation in State Bank’s Monetary Policy announced on Saturday. The President Lasbela Chamber of Commerce and Industry (LCCI), Ismail Suttar said that SBP has not lowered the interest rate in its last few policies however its better stay unchanged if not further lowering the basis points as demands by the situation. He said that there should be a slash of 25 basis points to bring the policy rate to 5.50 percent from 5.75% prevailed for a long time. He said that economy is in a state of uncertainty and needed some more breathing space to survive.
Ismail said that banks in Pakistan are making huge profits for the last few years and a little cut in bank rate would not make any difference. They said that at this juncture the industrial sector is more suffering due to the immense increase in their cost of doing business.
“We have lost our significant share of export market in a number of countries as have become noncompetitive in many countries that were our traditional markets and now we have to recapture them if we given level playing field”, Ismail said. He said that SBP’s Monetary Policy is heading in the right direction. He hoped that the Monetary Policy will continue to stay as business friendly.