KARACHI: Karachi Chamber of Commerce and Industry (KCCI) demanded upto 500 basis point system cut in policy rate. Zubair Motiwala Businessmen Group leader has urged authorities to cut markup rate down to 14.5 percent from current 19.5 percent interest rate in coming monetary policy.

KCCI has said that inflation has dropped to lowest level of 9.6 percent in last three years. "Inflation was 9.2 percent in October 2021, while policy rate was 7.25", KCCI stated. Chamber stressed over need of tangible reduction in policy rate to boost commercial and industrial activities in country. "Reduction in policy rate will help Pakistan to improve its competitive position in region," KCCI said. State Bank of Pakistan is scheduled to announce its next monetary policy on September 12.