KARACHI: United Business Group (UBG) Patron-in-Chief SM Tanveer has urged the government to reduce the policy rate by 500 basis points to support economic growth. The Consumer Price Index (CPI) inflation rate for November 2024 decreased significantly to 4.9% Year-on-Year (YoY), compared to 7.2% in the previous month.
SM Tanveer stated that this reduction would help bring bank markup rates back to single digits, making loans more accessible and affordable for businesses and consumers alike. Lower interest rates would encourage investment, stimulate economic activity, and contribute to the overall prosperity of the nation.
He added that the significant drop in CPI reflects an improvement in economic stability and underscores the effectiveness of recent policy measures. The Patron-in-Chief highlighted that the actual inflation rate outperformed all predictions, a positive development that demonstrates the hard work of economic planners and the resilience of the business community.
SM Tanveer noted that inflation is a critical economic indicator that affects every segment of society. This decline not only signals a healthier economic environment but also provides relief to citizens by reducing living costs and increasing purchasing power.
He affirmed that at United Business Group (UBG) and BMPP, they are committed to supporting policies that promote economic growth, stability, and prosperity.
He emphasized their dedication in maintaining and building upon these achievements through close collaboration with the government, industry stakeholders, and international partners.
Copyright Business Recorder, 2024
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