APBF lauds policy rate cut by State Bank of Pakistan
In the wake of growing national economy and sustained low rate of inflation, recently State Bank of Pakistan has readjusted its policy rate for the next couple of months. All Pakistan Business Forum (APBF) has Lauded this recent development and considered it as an encouraging move for the investors and small entrepreneurs in the Pakistani market.
State Bank of Pakistan has readjusted its policy rate for the next two months as 6% against the previous rate 6.5%, that total cut of 5 basis points. This cut in the policy rate exhibits the consistent low rate of Consumer Price Index (CPI) and declining trend in inflation as compared to the previous year. If compared, in August 2014 inflation rate was noted to be 8.4% that is only 3.6% this year.
President APBF, Mr. Ibrahim Qureshi, has appreciated reduction of 5 basis points in the policy rate by State Bank of Pakistan and he said that, “The cut policy rate by SBP is a clear demonstration of better growing economy and controlled rate of inflation. Through this step SBP has supported the business community, providing them with opportunity to invest and grow adding further positive impact to the National Economy.”
Mr. Ibrahim Qureshi also cautioned that the policy readjustment will ensure benefits in the real sense if it is coupled with smooth and favoring small and medium entrepreneur policies by the Government of Pakistan. He further said that, “Regardless of any discrimination of political affiliations, APBF is strongly committed and standing beside the Government to provide its full efforts making Pakistan a better economy.” He reiterated that, “APBF has been engaging different vital resourceful national and international organizations to make an enabling business environment in Pakistan and to build the fabric of national economy stronger.”
It is also be noted that SBP also listed upside and downside risks in the inflation but the downside risk probability is stronger against the upside risk in the current economic trend. Moreover, Mr. Ibrahim Qureshi said they are looking forward for further facilitation to the small business entrepreneurs by the government regarding the establishment of new businesses and their growth.
All Pakistan Business Forum (APBF) is a vibrant Association of more than 2000 members which promotes and protects interests of business community and Industry in Pakistan. It also suggests and advice Government sector regarding policy formulation, regulatory realignments and implementation in commercial and industrial sectors in the economy. APBD is consistently playing a positive role in elevation of standards and facilitation of business activity in Pakistan.