The business community, industrialists and exporters have expressed complete dissatisfaction over the unchanged discount rate announced in the Monetary Policy by State Bank of Pakistan on Saturday. The decision has not been taken after considering industry's needs and will not be helping trade and industry to come out from the prevailing crisis, they said. The SBP kept the policy rate unchanged at 10 percent for May and June, as it fights to sustain growth and keep inflation in check.
Following the announcement of the Monetary Policy, the prominent businessmen were alarmed by the government's irrational decisions that they said would further increase the cost of production and destroy the industries, as it is already suffering from exorbitantly high business cost.
"At this time the industrialists were expecting little adjustment in the discount rate," said Khawaja Muhammad Usman President of Multan Chamber of Commerce and Industry (MCCI)."The Monetary Policy is highly disappointing." He said that the industry is already striving to survive in non-supportive situation by the government and owing to the weak economic condition the investors are not further interested to invest in the industry.
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