FAISALABAD: Former chairman All Pakistan Cotton Power Looms Association and former president FCCI Chaudhry Muhammad Nawaz has said that inflation has reduced so the interest rate should be reduced to two percent.

In a statement, he said that it should be announced by the State Bank in the monetary policy. He said that it is not possible to do business at the current 22 percent interest rate. He also said that the banks earned billions of rupees due to high interest rate and the businessman became poor.

He said that inflation cannot be controlled until the price of dollar stabilised.

Unfortunately, the prices of goods are increased on the pretext of increase in dollar value which is not true, the government should make price control committees active and make better policies to control inflation, putting pressure on retailers will not reduce the prices of food items, the interest rate must be reduced immediately for economic stability.

He said that the duty on import and export should be abolished and then the sales tax should be collected.

Copyright Business Recorder, 2024