Drop in interest rate hailed

Drop in interest rate hailed

F.P. Report

LAHORE: Pakistan Carpet Manufacturers and Exporters Association (PCMAA) terming one percent decrease in interest rate highly fortunate has hoped for its 4 to 5 percent further drop to help boost up new investment that may trigger manufacturing growth and shower positive impacts on overall economy.

PCMAA called for serious measures to offset soaring pressure on value of Pakistan currency, saying it is high time to unveil and implement export-enhancing policy.

Chairman PCMAA Muhammmad Aslam Tahir expressed these views addressing a joint session to all circles through video link here on Sunday. Participants were PCMAA vice chairman Sheikh Amir Khalid, central leader Abdul Latif Malik, senior members including Riaz Ahmed, Saeed Khan, Ijaz Rehman, Muhammad Akbar Malik, Maj R Akhtar Nazir and others.

The meeting took stock of holding of annual exhibition under current scenario. Muhammad Aslam Tahir commended the government strategy to keep dialing down interest rate and opined that the measure would yield promising results.

So far what sort of economic landscape had taken a shape due to COVID-19 pandemic, the chairman PCMAA said that seven percent fall in interest rate may never help accelerate investment. “Positive results may breed if interest rate is lessened up to 4 to 5 percent,” he pleaded and categorically said that it would give encouraging push in increasing industrial and business activities for spurring up economic mood and outlook.

Muhammad Aslam underlined the need for announcing effective export-oriented policy keeping in view new emerging trends in international market.

“New incentives should be introduced for brining further easiness in export-related features and mechanism to help foster exports,” he concluded.

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