Karachi (Report By Rukhsar Butt)United Business Group (UBG) Patron-in-Chief SM Tanveer and Pakistan Business Group Patron-in-Chief Faraz-ur-Rehman have jointly stated that given the current economic conditions and a 9% reduction in inflation, an immediate reduction in interest rates has become unavoidable. They have urged the State Bank of Pakistan and the government to cut the interest rate by at least 4% to provide much-needed relief to the economy. The business leaders highlighted that the current high interest rates are restricting business activities and are a major obstacle to economic recovery. According to them, a reduction in interest rates will not only benefit small and medium-sized enterprises (SMEs) but also larger businesses. Additionally, increased purchasing power of consumers will contribute to further stabilization of the national economy. Faraz-ur-Rehman further emphasized that eliminating the interest-based system and promoting Islamic banking is crucial to save the nation from divine wrath. Both SM Tanveer and Faraz-ur-Rehman called on the government and the State Bank to take swift and decisive actions to stabilize the country’s economy.
