KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) while appreciating cut in policy rate by 100 bps to 8% has demanded Governor State Bank of Pakistan (SBP) to further reduce it to 5%. Sheikh Sultan Rehman, Vice President FPCCI, in a letter written to Governor SBP had urged him to lower the policy rate to 5% in order to kick start the stalled economy. He expressed his disappointment and regretted that reduction of 100 bps only would not be enough as it would fail to raise the level of economic activity required to meet the impact of COVID-19. Lowering policy rate to a level reflecting true economic picture would be a great boon to the sagging economy which was already on ventilator before the outbreak of COVID-19. Sheikh Sultan Rehman once again urged Reza Baqir, Governor SBP to bring down policy rate to 5% to spur up business activities and an overall positive effect on the economy.