FPCCI considers Monetary Policy Regressive and Contractionary: Irfan Iqbal Sheikh
Karachi, January 25, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has expressed his profound disappointment and concerns over an anti-business and anti-growth hike in the key policy rate, i.e. 100 bps to 17 percent by the Monetary Policy Committee (MPC) of the State Bank of Pakistan on Monday. He said that the business, industry and trade community is shocked; and, clueless at the same time on how to cope with its fallout on economic activities, viability of doing business in Pakistan and its inevitable adverse impacts on exports – in the absence of any governmental support, incentives or facilitative mechanism for importers, industrialists and SMEs.
Mr. Irfan Iqbal Sheikh explained that there is consensus among the economists that current wave of inflation is in no way a d...