FPCCI Chairman Irfan Iqbal Sheikh expressed concern over the unexpected and huge 250 bps increase in the SBP Monetary Policy rate by the Monetary Policy Committee (MPC) of the State Bank of Pakistan (MPC).
He said the business community was stunned at how to deal with the effects of economic activity. How profitable is doing business in Pakistan? and the inevitable negative impact on exports without government support
The FPCCI Head added that benchmarking interest rates in Pakistan and elsewhere The region also has a huge disparity with Pakistan at a disadvantage, with Malaysia at 2%, China at 3.7%, India at 4% and Bangladesh at 5%.
He stressed that if Pakistan does not sharply reduce interest rates and refinance exports, we will not be able to compete with the countries of this region.
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