Markup should be brought down to single digit after reduction in inflation, Khadim Hussain

 

Member of Directors Khadim Hussain Senior Vice President Ferozepur Board Executive Member Lahore Chambers of Commerce has said that the State Bank of Pakistan marked up after the report of reduction in inflation in the country and inflation in the future by the IMF.  The rate should be brought to single digit immediately and loans for business purposes should be provided interest free.

 He said that political stability after the constitutional amendments will increase the economy and investment.  The constitutional changes will be an important milestone in the country's development, the changes will end the politics of anarchy and restore the country's economy and government's reputation.

 The constitutional changes are increasing stability and economic activities in the country. After the constitutional change, the Pakistani stock market is on a booming trend, which is a sign of confidence in the government policies. The stock market index is at a new historical record level.

 Continuity of policies and political stability are very important for economic development. The country cannot move forward with long marches and demonstrations.  Keeping in view the claims that are coming forward, the State Bank should bring down the interest rate to single digit as currently the markup is highest in Pakistan as compared to other countries in the region.  The rate is very low. He said that the country will get rid of the usury system by legalizing the abolition of the usury system in the constitutional change.