PCMEA appreciates drop in interest rate

LAHORE : Terming one per cent decrease in interest rate highly appreciable, Pakistan Carpet Manufacturers and Exporters Association (PCMAA) on Sunday hoped that it will drop further by four to five per cent to help boost up new investment that may trigger manufacturing growth putting a very positive impact on overall economy. PCMEA has called for serious measure to offset soaring pressure on value of Pakistan currency. It is high time to unveil and implement export-enhancing policy. PCMEA Chairman Muhammad Aslam Tahir expressed these views while addressing a joint session to all circles through video link here. PCMEA 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 discussed ways and means for holding of annual exhibition under current scenario. PCMEA Chairman Muhammad Aslam Tahir commended the government strategy to keep dialling down interest rate and opined that measure would yield promising results. So far what sort of economic landscape had taken a shape due to COVID-19 pandemic, he said, seven per cent fall in interest rate may not help accelerate investment. “Positive results may come if interest rate is further reduced by 4 to 5 percent, ” he argued and added that it would give encouraging push in increasing industrial and business activities for spurring up economic mood and outlook. He underlined the need for announcing effective export-oriented policy keeping in view new emerging trends in international market. “New incentives should be introduced for bringing further easiness in export-related features and mechanism to help foster exports, ” he concluded.