Miftah Ismail declares increase in policy rate as noose for industry

KARACHI (92 News) – PML-N leader Miftah Ismail has termed the increase in the policy rate as a noose for the country's industry.

Addressing a press conference on Friday, he said that the inflation will not reduce by increasing the policy rate by 150 basis points.

He said that the private sector will have to face further difficulties. "The loan payment will further increase by Rs 400 billion per annum. Neither inflation will be controlled nor the rupee value will increase," he added.

The PML-N leader said that the PTI government had applied a reverse gear to the economy by already increasing the policy rate. "The government should run the industry by reducing its expenditures," he added.