Gohar Ijaz expresses dismay over central bank’s policy decision 

Business tycoon and former caretaker Finance Minister Gohar Gohar has expressed dismay over central bank’s decision to maintain status quo in key rates policy, reported 24NewsHDTV Channel. 

Talking to his social media X, textile sector leader said that with policy rates at 11pc which is nearly double the regional average, how can Pakistan realistically pursue business development, job creation and export-led growth? 

He said that in order to compete regional power house, Pakistan required a more enabling economic environment. How will jobs be created at 11 percent interest rate? Gohar Ijaz said businesses should be created environmentally friendly to compete with regional countries. He said interest rate in India is 5.5 percent and in Bangladesh it is 10 percent. The interest rate in China is 3 percent and in Thailand it is 1.75 percent. 

Meanwhile, FPCI and other traders bodies have expressed dismay over the SBP key rates decision. FPCCI Vice President Aman Paracha said that the cost of doing business and access to financial resources in Pakistan was among the lowest in the region compared to other countries in the region. He claimed interest rates were high in the country compared to other countries in the region. 

Faisal Moeez, President of North Karachi Association of Trade and Industry, said that the Prime Minister should intervene to reduce the interest rate. The business community is protesting against maintaining the interest rate and this is unacceptable for the business community.