Government urged to revisit monetary policy

The business community of Southern Punjab has urged upon the government to revisit its current policy of heavy reliance on borrowing from the external and domestic commercial sectors. Commenting on monetary policy, Khawaja Jalaluddin Roomi President of MCCI said it was a good sign to uplift the financial problems of economy which the State Bank of Pakistan announced keeping the rate unchanged 5.75 percent.
He said this was necessary owing to biggest economic issues faced by the country like decline of exports by more than 12 percent due to overvalued rupee. "Remittances are still on declining, imports are on rise, the current account deficit has substantially increased, the current level of the external account is also worsening, FDI is falling, unemployment remains relatively high and impact is growing of the borrowed money which requires heavy debt servicing, etc."