Pakistan Can Save Rs. 3 Trillion If State Bank Cuts Interest Rate Tomorrow

President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Atif Ikram Shaikh has said that in the budget, zero rates should be restored for industries, while electricity and interest rates should be reduced. Inflation has reduced to 11.8 percent. 22 percent interest rate is unjustified. By reducing the interest rate, the government can save Rs. 3 trillion in interest payments. Talking about the textile sector, Atif Ikram said that for the last four months, cotton imports from the US and Brazil have been blocked at the port, which has led to a significant financial burden due to the increase in demurrage charges, which are now Rs. 50 million, has been exceeded. These charges are being paid to foreign companies in dollars, which is increasing the economic pressure on the country. The government should take notice of this issue and resolve it immediately. Federation President Atif Ikram said that we believe in the determination of the Prime Minister to promote a favorable environment for business and trade in Pakistan. It is very important to bring investment and business-friendly policies.