The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has called on the State Bank to refrain from raising the interest rate.
He stated that the Monetary Policy Committee meeting is scheduled for today, and he expressed that any further increase in interest rates under the current economic circumstances would harm business.
Atif Ikram Sheikh further noted that the recent rise in the inflation rate is a temporary issue caused by the regional situation.
He believes that lowering interest rates is essential to foster investment and improve employment opportunities.
Atif Ikram Sheikh further remarked that business-friendly policies are crucial to strengthen the economy given the tense regional circumstances.
The FPCCI President also pointed out that high interest rates could cause delays in industrial and commercial activities, thereby negatively affecting the economy.
State Bank receives $1 billion from Saudi Arabia
Earlier, State Bank of Pakistan announced on Tuesday morning that it has received an additional $1 billion from Saudi Arabia, completing the total transfer of $3 billion from the Kingdom.
This means Pakistan has received a total of $3 billion from Saudi Arabia within a week.
Earlier, Federal Finance Minister Muhammad Aurangzeb had stated that Saudi Arabia had committed to providing an additional $3 billion in deposits.
The State Bank had previously confirmed receiving $2 billion from Saudi Arabia, and has now stated that the remaining $1 billion has also been received.
Read more: State Bank of Pakistan confirms $3 billion deposit from Saudi Arabia
