Policy rate will drop in next FY to single digit: FinMin

Finance Minister Muhammad Aurangzeb has said that the policy rate will come down to single digit in the next financial year. The business circles are demanding drop in the central bank’s interest rate to single digit. President FPCCI Atif Akram has demanded bringing the policy rate to seven percent. He said various taxes have been slashed in the budget. Federal minister said that privatization of Pakistan International Airlines (PIA) and the Roosevelt Hotel is scheduled for the next fiscal year, and privatization efforts for three power distribution companies (DISCOs) will continue.