Low markup must to make industry competitive: Anjum

Islamabad :   FPCCI’s Businessmen Panel chairman Mian Anjum Nisar on Saturday said that keeping key policy rate at 7% doesn’t seem to be logical despite the fact that inflation has dropped to 8.9% amidst reduction in headline inflation and core inflation, which are expected to go down further.
He said the results of the cut in policy rate from 13.5% to 7% percent are very positive in the form of 3.94pc economic growth.
He asked the SBP Governor to fulfill his commitment of maintaining accommodative monetary stance in the near and long-term to support the rare recovery amid uncertain Covid-19 challenges.
Mian Anjum Nisar said that in view of the policy rates in neighboring countries Pakistan’s 7 percent interest is very high, and its reduction is essential to make Pakistani exporting sector as well as the local industry competitive.
He said that after the Corona devastation, Pakistan should take advantage of those export orders canceled by the other regional countries. For this, the government will have to reduce production cost of the industries to avail this offer by the international buyers.