The Rawalpindi Chamber of Commerce and Industry (RCCI) has welcomed Federal Finance Minister Muhammad Aurangzeb’s acknowledgement of the need to reduce interest rates, calling it a milestone reflecting RCCI’s ongoing efforts. The chamber views the potential interest rate reduction as positive news for the business community, promising to lower operating costs and promote growth.
During a ceremony organized by RCCI to mark Independence Day and the commemoration of the Battle of Truth, Finance Minister Muhammad Aurangzeb attended as chief guest—making it the first time a sitting finance minister has visited the chamber. Addressing local business representatives, Minister Aurangzeb explained that while the State Bank of Pakistan and the Monetary Policy Committee set the policy rate and manage the market-based exchange rate, he personally believes that, based on current trends in headline and core inflation, there remains room to further cut the policy rate.
RCCI President Usman Shaukat highlighted the chamber’s consistent calls for urgent government action to revive the economy. These requests have included reducing interest rates to single digits, lowering electricity and gas tariffs, and cutting tax rates to stimulate economic activity and job creation.
In response, Finance Minister Aurangzeb praised RCCI’s suggestions and assured the audience that fostering a business-friendly environment is a top priority for the government and Prime Minister Shehbaz Sharif. He emphasized the government’s commitment to ensuring economic policies benefit all segments of society. The minister also pointed to growing consumer confidence, improved credit ratings from agencies like S&P, Fitch, and Moody’s, as well as steady economic growth, as indicators that Pakistan is on a strong path forward.
Upon arrival, the minister was welcomed by RCCI President Usman Shaukat, Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, and other officials. The event included a flag hoisting ceremony attended by government officials, business leaders, and distinguished guests, followed by a documentary highlighting RCCI’s contributions to Pakistan’s economic development.
