LAHORE: S M Tanveer, FPCCI leader and Patron-in-Chief, UBG, has welcomed the decision of the State Bank of Pakistan (SBP) to reduce its policy rate by 50 basis points to 10.5 percent. “We appreciate the SBP’s efforts to address the economic challenges facing the country,” Mr. Tanveer said. “However, we believe that more needs to be done to support the struggling industry.” Tanveer emphasized that the business community has been consistently highlighting the adverse impact of high interest rates on industrial growth, leading to massive unemployment and economic distress. “We have been emphasizing the need for a conducive monetary policy to stimulate economic activity and promote growth,” he added. He urged the SBP to continue its efforts to reduce interest rates, with a target of bringing the policy rate below 9 percent. “This will provide much-needed relief to the business community, stimulate investment, and support economic growth,” Tanveer said. “We hope that the SBP will take a holistic view of the economy and continue to take measures to promote economic stability and growth,” he added. Copyright Business Recorder, 2025