STAFF REPORT ISB: Appreciating the reduction announced by the State Bank of Pakistan in its key policy rate by 150 basis points to 10.5 per cent, the Agriculture Forum Pakistan has said that efforts should be made to bring it to single digit.
“The downward revision in the interest rate will boost the business activities in the country besides attracting investment and creating more job opportunities for youth,” said Chairman Muhammad Ibrahim Mughal while talking to the media.
He said that it would also accelerate the stocks and real estate sector activities. He claimed that it would also bring down the cost of production in the agricultural sector helping to increase per acre yield thus leading to food security.
This would also slash the cost of production of the industrial sector enabling out export oriented industries to compete with other countries in the global markets, he said.
“It would enhance national exports thus bridging the gap between import and exports,” he said adding the central bank should also strive to reduce the interest rate to single digit in order to solve the issues being faced due to high mark-up rates.