By Our correspondent
VEHARI: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zahid Iqbal Chaudhry, has strongly criticized the State Bank of Pakistan’s (SBP) decision to maintain the current interest rate, calling it unfair and detrimental to the country’s economy.
Reacting to the Monetary Policy Committee’s announcement on July 30, he said the decision had sent a wave of anger and frustration across the business community nationwide.
Chaudhry pointed out that while government institutions and economists continue to present positive indicators regarding inflation, the actual difference of 780 basis points from the self-reported inflation rate of 3.20% shows a serious mismatch and unjustified monetary policy stance.
He questioned how Pakistan’s industrialists, exporters, and businesses could possibly compete in international markets when they are burdened with expensive capital and soaring production costs due to high interest rates.
“The business community, chambers, trade bodies, and exporters are asking the government how they can survive — let alone grow — in such an unfriendly environment,” he said.
Zahid Iqbal Chaudhry emphasized that business leaders across Pakistan, under the leadership of UBG Patron-in-Chief S.M. Tanveer and FPCCI President Atif Ikram Sheikh, are united in their opposition to the government’s flawed economic policies. He warned that after mutual consultations, decisive action may be taken by trade and industry representatives.
“This is not just about interest rates — it’s about the future of Pakistan’s economy and its ability to compete globally,” he concluded.
The Chairman commended the Ambassador’s leadership in various clean and green campaigns in Islamabad, particularly within the Margalla Hills National Park.
