Mr. Imran Khan Tessori, Chairman of the Pakistan Gems & Jewellery Traders and Exporters Association (PGJTEA), has urged the government to support economic growth by reducing the policy rate by 500 basis points in a single move during the much-anticipated announcement.
He emphasized that a significant reduction in the policy rate is essential to stimulate economic activity and would also serve the government’s interests. He warned that undue delays in reducing the policy rate would lead to unnecessary economic losses, particularly at a time when the government is reportedly considering lowering the policy rate to single digits. A timely decision, he said, would strengthen economic stability and validate the success of recent policy measures.
Mr. Tessori underscored that this reduction is the need of the hour, as it would help bring down bank mark-up rates to single digits, thereby making credit more affordable for businesses and consumers.
