The Rawalpindi Chamber of Commerce and Industry (RCCI) has welcomed Federal Finance Minister Muhammad Aurangzeb’s acknowledgment of the need to reduce interest rates, describing it as a significant milestone reflecting RCCI’s persistent efforts. The RCCI highlighted that the possibility of lower interest rates is encouraging news for the business community, as it would lead to reduced operational costs for businesses.
The remarks came during an event organized by RCCI in celebration of Independence Day and the anniversary of a historic battle, where Federal Finance Minister Muhammad Aurangzeb was invited as the chief guest. This occasion marked the first-ever visit of a sitting finance minister to the Chamber. Addressing the business community at the event, Minister Aurangzeb explained that while the State Bank of Pakistan and the Monetary Policy Committee are responsible for determining the policy rate and market-based exchange rate, his personal view—based on underlying and average inflation trends—is that there remains room for further reductions in the policy rate.
RCCI President Usman Shaukat emphasized that the Chamber has consistently urged the government to take immediate steps to revive the economy. These include bringing interest rates into single digits, lowering electricity and gas tariffs, and reducing tax rates to stimulate business activity and create more job opportunities.
Minister Aurangzeb praised the RCCI’s policy recommendations and assured participants that fostering a business-friendly environment is a top priority for both the government and Prime Minister Shehbaz Sharif. He noted that the government aims to ensure that economic policies benefit all segments of society. He also pointed to record increases in consumer confidence, improved credit ratings from agencies like S&P, Fitch, and Moody’s, and stable economic growth as signs that Pakistan is moving in a strong and positive direction.
Upon his arrival at the Chamber, Minister Aurangzeb was welcomed by RCCI President Usman Shaukat, Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, and other officials. The ceremony included flag hoisting and was attended by government officials, business leaders, and distinguished guests. Attendees also viewed a documentary highlighting RCCI’s contributions to Pakistan’s economic development.
