Businessmen have termed the interest rate cut “too little too late”, seeking further reduction to reinvigorate the tumbling economy. BMG Chairman Siraj Kassam Teli and KCCI President Agha Shahab Ahmed Khan expressed disappointment over a meager reduction of just 1% in policy rate by SBP. They said that long before the pandemic, KCCI consistently demanded to bring the policy rate down to 4% in one go rather than in installments. Reduction in policy rate in bits and pieces did not provide the much-needed thrust to the economy whereas a one-time major reduction to 4% could have triggered growth and accelerated economic activities.
27/6/2020