Pakistan, Aug. 11 -- Federal Tax Ombudsman (FTO) Coordinator Saif-ur-Rehman has urged the State Bank of Pakistan (SBP) to gradually reduce the policy rate to a single digit.

In a statement issued here Sunday, he highlighted that reducing the policy rate would provide small and medium enterprises (SMEs), access to loans at lower costs which would boost economic activity, create employment opportunities, and enhance exports.

He stressed that the current high-interest rate is non-lucrative to investment and places an excessive financial burden on industries already struggling with inflation and economic challenges.

He urged policymakers to adopt business-friendly monetary policies to support local industries and promote economic stability...