S.M. Tanveer, Patron-in-Chief of United Business Group and Businessmen Panel Pakistan (UBG-BMPP), has called on the government to support economic growth by announcing a one-time reduction of 500 basis points in the policy rate during Monday’s monetary policy review.

S.M. Tanveer stated that a significant cut in the interest rate would boost economic activities and benefit the government. He emphasized that unnecessary delays harm the country’s economy, particularly when the government seriously considers bringing the policy rate down to single digits. A timely move would demonstrate significant economic stability improvements and underscore recent policy measures’ effectiveness.

He further added that a notable reduction in the policy rate is necessary. This would return bank markup rates to single digits, making credit more accessible for businesses and consumers. Lower interest rates will promote investment, increase economic activity, and contribute to the nation’s prosperity.

S.M. Tanveer highlighted that the Consumer Price Index (CPI) for November 2024 has already dropped year-on-year (YoY) to 4.9%, compared to 7.2% in the previous month. He stated that the actual inflation rate has surpassed all forecasts, showcasing the diligent efforts of economic planners and the resilience of the business community.

At UBG-BMPP, S.M. Tanveer affirmed their commitment to supporting policies that foster economic growth, stability, and prosperity. He further resolved that the group will continue collaborating with the government, industry stakeholders, and international partners to sustain and build upon these achievements.