Karachi: FPCCI demanded to State Bank of Pakistan to bring down policy rate cut further as business, industry and trade community was expecting higher, basic point system should come down to 15 percent.

Atif Ikram Sheikh President FPCCI said it is vital for bringing transparency and consultation in economic policymaking and government should provide answers to-what are measures that are being undertaken to obtain new IMF programme and what steps will be taken after signing of IMF programme to stabilise economy.He proposed that to promote price stability, FPPCI emphasises SBP needs to break inflation rate into cost-pushed and demand-pulled. Saquib Fayyaz Magoon SVP FPCCI said that SBP should focus on core inflation rather than general inflation on an immediate basis as these exclude most volatile components of basket. He stressed that despite successful completion of IMF Stand-by Agreement and 22 percent policy rate, Pakistan remains overwhelmed with issues dwindling exports and economic instability.