LAHORE: The Lahore Chamber of Commerce and Industry, while welcoming the State Bank’s decision to cut the discount rate by one per cent to 13 per cent, has said it is not enough under the prevailing economic condition.

In a statement issued after the announcement of the monetary policy for the July-September quarter on Saturday, LCCI President Mian Muzaffar Ali, Senior Vice President Tahir Javed Malik and Vice President Irfan Iqbal Sheikh said the economy was facing an unprecedented crisis and the reduction in the discount rate was just a peanut.

“There is a need to make further cut in the interest rate to turn the economy around and enhance industrial productivity which was at its lowest due to multiple reasons including acute energy shortage,” the statement quoted the businessmen as saying.

The LCCI president said the Lahore Chamber had been asking the government to slash the interest rate as keeping it at a high level on the pretext of controlling inflation was doing no good to the economy.

Source: The News