The Rawalpindi Chamber of Commerce and Industry (RCCI) has called on the State Bank of Pakistan (SBP) to reduce the policy interest rate by at least 3%, urging that bringing it down to single digits is vital for jumpstarting economic recovery.
In a statement issued Saturday, RCCI President Usman Shaukat stressed that a major rate cut is essential to rebuild investor confidence, stimulate industrial growth, and draw foreign investment into the country.
He noted that persistently high interest rates have significantly increased business costs, suppressed production, and slowed economic progress.
“A substantial reduction, ideally to a single-digit level, will not only ease pressure on the business community but also foster a more attractive climate for both domestic and international investors,” Shaukat stated.
He further pointed out that lowering borrowing costs would offer critical support to struggling industries — especially manufacturing and small- and medium-sized enterprises (SMEs) — which are crucial for employment generation and economic stability.
The RCCI urged the SBP to take decisive action in its upcoming monetary policy announcement, calling for urgent reforms to create a more business-friendly and growth-oriented environment.