Karachi, Muhammad Kamran Arbi, President of the Site Association of Industry (SAI), has publicly criticized the State Bank of Pakistan’s (SBP) recent decision to reduce the interest rate by only 1.5%. Arbi described the cut as “insufficient” for addressing the ongoing challenges within the industrial sector, including high operational costs and capital shortages.
According to S.I.T.E Association of Industry, Arbi has advocated for a more substantial rate cut to between 13-14%, which he believes is necessary to ease the financial strain on industries. He also called on the central bank to provide a clear roadmap for future rate reductions, emphasizing the importance of transparency and collaboration with the industrial sector to implement effective economic policies. Arbi expressed hope that the SBP will consider their proposals seriously in upcoming monetary policies, reflecting the gradual decrease in inflation and the need for economic relief for businesses and the broader community.
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