LCCI welcomes

LAHORE - The Lahore Chamber of Commerce and Industry, while welcoming the SBP decision to cut discount rates by 100 basis points or one percent from existing 14 per cent to 13 per cent, has said that it is not enough when it is compared with ongoing economic situation.
In a statement issued soon after the announcement of SBP Monetary Policy for Fourth Quarter, the LCCI President Mian Muzaffar Ali, Senior Vice President Tahir Javed Malik and Vice President Irfan Iqbal Sheikh said that the economy was facing unprecedented crisis and the decrease made by the SBP in interest rate was just peanut. There is a need to make further cut in the interest rates to turn the economy around and enhance industrial productivity, which was at its lowest ebb due to multiple reasons including acute energy shortage.
The LCCI President said that the Lahore Chamber of Commerce and Industry had been convincing the government to bring down the interest rates as keeping it at the highest level on the pretext of controlling inflation was doing no good to the economy.