Industrialists and trader bodies have suggested to State Bank of Pakistan (SBP) to bring down the discount rate to around 6 to 7 percent. They were of the opinion that the SBP should prepare monetary policy keeping in view of the facts that reserves have increased, rupee stabilised and inflation contained which, they added, were positive indicators and, hence the monetary policy, be framed matching the current economic indicators.
Lasbella Chamber of Commerce and Industry (LCCI) President Ismail Suttar urged the SBP governor to bring down the discount rate to around 6 to 7 per cent in order to support the industrial investment in the current economic scenario and acute energy shortage and high POL prices.
He hoped that Federal Finance Minister Ishaq Dar and the SBP governor Ashraf M. Wathra would consider this matter and take appropriate measures to facilitate the industrial investment, which has slowed down due to competitiveness as compared to other countries in the region where the discount rate was much lower than in Pakistan. Ismail said that the economy's expansion was imperative to meet the sustained economic growth and to create employment opportunities.
However, it was only possible with the availability of cheaper liquidity to the investors looking towards the competitiveness in the wake of Pak rupee's appreciation against US dollar, GSP Plus status and the high rate of inflation and the law and order situation, he added. He hoped that the central bank would take lead in framing the investment friendly monetary policy. Site Association of Industry's (SAI) Chairman Younus Bashir said that the government should prepare monetary policy keeping in view challenges of the next financial budget.
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