KARACHI: Yakoob H Karim, President and the Executive Committee of the Hub Chamber of Commerce and Industry demanded at least a 4% reduction in the mark-up in the upcoming Monetary Policy Committee meeting.
Addressing an urgent Meeting of the Executive Committee of the Hub Chamber of Commerce and Industry, he said that there is only one way of fulfilling government claims to reduce inflation supported by the World Bank - a fast-track growth of business and industry across the country. Gearing up the business and industrial activity may not be possible with the current mark-up rate of 17.50% p.a.
Maqsood Ismail ex-president of the Hub Chamber said that the proposed 4% reduction in the mark-up rate will encourage business activity and new investments resulting in a reduction in inflation.
The Chamber urges the State Bank of Pakistan’s Monetary Policy Committee to consider this reduction in their upcoming meeting, supporting Pakistan’s economic recovery and growth.
Copyright Business Recorder, 2024
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