In a joint statement, SM Tanveer, Patron-in-Chief of the United Business Group (UBG), and FarazRehman, Patron-in-Chief of the Pakistan Business Group, have emphasized the urgent need for a reduction in interest rates following a 9% decrease in inflation. They have appealed to the State Bank of Pakistan and the government to lower the interest rate by at least 4% to provide necessary relief to the business community and support the economy.
The business leaders highlighted that high-interest rates are not only stifling business activities but are also a major obstacle to economic recovery. They argued that reducing the interest rates would benefit small and medium-sized enterprises (SMEs) and allow larger businesses to thrive as well. Furthermore, such a reduction would enhance consumer purchasing power, contributing to greater economic stability. FarazurRehman also stressed the importance of transitioning from a traditional interest-based financial system to Islamic banking.
He argued that this shift is crucial for avoiding divine retribution and steering the economy in the right direction. Tanveer and Rehman called on the government and the State Bank to take immediate and decisive actions to stabilize the national economy.
