Latest news with #S.M.Tanveer
Business Recorder
28-07-2025
- Business
- Business Recorder
Cut interest rates to single digit, Tanveer urges SBP
LAHORE: As the State Bank of Pakistan prepares to announce its monetary policy decision, business leader S.M. Tanveer is calling for a significant reduction in interest rates to single digit. He said this move would be a game-changer for the economy, stimulating growth and providing relief to borrowers. In a statement, Tanveer emphasised the need for aggressive policies to support economic recovery. 'Single-digit interest rates are essential for economic growth and development,' he said. 'It's time for the State Bank of Pakistan to take bold action and reduce interest rates to single digits.' He said there is an urgent need to reduce the interest rate to 6% to stimulate economic growth. Inflation has already dropped to 4% and CPI to 0.3%, which means the current 11% rate is too high. A reduction would boost industries, make exports more competitive, and save the government Rs3.5 trillion. Patron-in-Chief, United Business Group (UBG), Tanveer's demand comes ahead of the Monetary Policy Committee meeting scheduled for Wednesday, July 30. While analysts expect a cut of 1-1.5% in the policy rate, Tanveer is urging the central bank to go further and bring interest rates down to single digits. The business community is eagerly awaiting the SBP's decision, hoping it will provide a much-needed boost to the economy. With inflation expected to remain under control, Tanveer believes now is the perfect time for the SBP to take action.
Business Recorder
28-07-2025
- Business
- Business Recorder
Cut interest rates to single digits, Tanveer urges SBP
LAHORE: As the State Bank of Pakistan prepares to announce its monetary policy decision, business leader S.M. Tanveer is calling for a significant reduction in interest rates to single digits. He said this move would be a game-changer for the economy, stimulating growth and providing relief to borrowers. In a statement, Tanveer emphasised the need for aggressive policies to support economic recovery. 'Single-digit interest rates are essential for economic growth and development,' he said. 'It's time for the State Bank of Pakistan to take bold action and reduce interest rates to single digits.' He said there is an urgent need to reduce the interest rate to 6% to stimulate economic growth. Inflation has already dropped to 4% and CPI to 0.3%, which means the current 11% rate is too high. A reduction would boost industries, make exports more competitive, and save the government Rs3.5 trillion. Patron-in-Chief, United Business Group (UBG), Tanveer's demand comes ahead of the Monetary Policy Committee meeting scheduled for Wednesday, July 30. While analysts expect a cut of 1-1.5% in the policy rate, Tanveer is urging the central bank to go further and bring interest rates down to single digits. The business community is eagerly awaiting the SBP's decision, hoping it will provide a much-needed boost to the economy. With inflation expected to remain under control, Tanveer believes now is the perfect time for the SBP to take action.
Business Recorder
26-07-2025
- Business
- Business Recorder
PBF urges MPC, SBP chief to announce interest rate at 6pc
KARACHI: President of Pakistan Business Forum (PBF) Karachi Division, Malik Khuda Bakhsh has urged the Monetary Policy Committee and the Governor of the State Bank of Pakistan to announce the interest rate at 6 percent in line with business community expectations. Malik Khuda Bakhsh stated that currently the country's CPI index is 0.3 percent and inflation has dropped to 4 percent. The IMF has also recommended that interest rates be kept close to the inflation rate. He said that Pakistan's current interest rate of 11% is too high, making it nearly impossible to conduct business. Reducing the rate to 6 percent is essential for the revival of business activities. He supported the demand made by United Business Group's Patron-in-Chief, S.M. Tanveer, to reduce the interest rate to 6 percent in the upcoming monetary policy. He pointed out that the government holds 8.5 trillion rupees in interest-bearing liabilities. Lowering the rate to 6 percent could save around 3.5 trillion rupees, which would positively impact the economy—especially industries struggling with high interest rates and electricity costs. He added that Pakistani exports could become more competitive globally, as international markets typically have interest rates between 4–5 perent. He criticized recent budget measures, such as Sections 37A and 37B which grant powers of arrest and detention, stating that such moves further hinder business growth. Malik Khuda Bakhsh emphasized the need for a business-friendly environment and urged the government to reconsider policies that conflict with business interests. Instead, the focus should be on creating conditions that promote growth, investment, and competitiveness. The PBF Karachi Region President further said that with inflation expected to stabilize around a long-term average of 7% in the coming quarters, a rate cut would be beneficial. Sustainable measures are needed to overcome economic challenges and restore investor confidence. Given the increase in imports and weak financial flows, pressure is mounting on the external account. Therefore, a cautious approach is necessary. Although the economy is showing signs of improvement, it still needs strengthening—and reducing the interest rate to a single digit (6 percent) is crucial to make loans more affordable and help industry grow. Copyright Business Recorder, 2025
