PESHAWAR: Sarhad Chamber of Commerce and Industry president Fazal Moqeem Khan on Friday demanded of the government and the State Bank of Pakistan to reduce policy rate to single digit to stimulate economic growth in the country.

He made the demand while speaking to a group of businessmen from various sectors at the Chamber House here.

SCCI senior vice president Abdul Jalil Jan, vice president Shehryar Khan, secretary general Muqtasid Ahsan and members of the executive committee were present on the occasion.

Mr Moqeem urged the SBP to announce a significant reduction in policy rate in the upcoming Monetary Policy meeting.

He welcomed the incumbent coalition government’s measures for promoting economic activities and achieving growth targets and said they’re highly encouraging.

The SCCI president, however, said the policy rate should be brought down from 12 per cent to the lowest possible level.

He said that a visible decrease was witnessed in the inflation rate but despite that, the policy rate had kept at the highest level.

Mr Moqeem demanded a significant cut in the meeting of the SBP’s Monetary Policy Committee, which was scheduled for May 5.

He said that reduction in the current policy rate under the vision of the Special Investment Facilitation Council was essential in order to achieve targets of economic growth and improve exports in line with the vision of the prime minister.

The SCCI president demanded concrete steps for economic revival, ease of doing business to promote trade and industry, offer soft loans, and reduce policy rate to the optimal level.

He said the business community has faced difficulties in the prevailing circumstances.

Mr Moqeem urged the government to adopt business-friendly policies and provide relief to the business community.

Published in Dawn, May 3rd, 2025