SINGLE DIGIT INTEREST RATE

Business leaders for ensuring monitoring by central bank

Welcoming the decision for lowering down the bank interest rate to single digit for the manufacturing sector, the country’s top business leaders have strongly suggested for ensuring strict monitoring by the central bank to properly implement this rate.

The Bangladesh Bank Governing Board at its meeting on December 24 decided that all banks in the country will charge a maximum of 9 per cent interest rate in providing industrial loans from January 1 next to the manufacturing sector.

Central bank Governor Fazle Kabir presided over the meeting while Finance Secretary, Financial Institution Division Secretary and National Board of Revenue (NBR) chairman, who are also board members, attended the meeting.

All kinds of industrial loans, including working capital, will come under the new rate. The central bank is likely to issue a circular in this regard within one or two days.

The central bank’s new decision came against the backdrop of recent remarks of Finance Minister AHM Mustafa Kamal who said all the banks would follow a single-digit interest rate from the first day of the New Year.

Talking to the news agency, President of FBCCI Sheikh Fazle Fahim welcomed the decision taken by the Bangladesh Bank.

“It was a long standing demand from us to bring down the bank interest rate to single digit. The central bank has now brought it to a structure through fixing the interest rate to single digit. We welcome this decision,” he said.

The president of the country’s apex trade body also reminded that all concerned stakeholders should keep this in mind that the businesses of the banks do not face a setback while making effective this decision.

He also suggested for reorganising

the banking sector to make sustainable this decision of the central bank which is investment-friendly.

Fahim said, “We’ve been demanding for long for the ease of doing business as well as

reducing the cost of doing business. At the same time, we’re also raising our demand so that the banks can continue their businesses. For this, the entire banking sector needs to be reorganised.”

 

SINGLE DIGIT INTEREST RATE

Business leaders for ensuring monitoring by central bank

Welcoming the decision for lowering down the bank interest rate to single digit for the manufacturing sector, the countrys top business leaders have strongly suggested for ensuring strict monitoring by the central bank to properly implement this rate. The Bangladesh Bank Governing Board at its meeting on December 24 decided that all banks in the country will charge a maximum of 9 per cent interest rate in providing industrial loans from January 1 next to the manufacturing sector. Central bank Governor Fazle Kabir presided over the meeting while Finance Secretary, Financial Institution Division Secretary and National Board of Revenue (NBR) chairman, who are also board members, attended the meeting. All kinds of industrial loans, including working capital, will come under the new rate. The central bank is likely to issue a circular in this regard within one or two days. The central banks new decision came against the backdrop of recent remarks of Finance Minister AHM Mustafa Kamal who said all the banks would follow a single-digit interest rate from the first day of the New Year. Talking to the news agency, President of FBCCI Sheikh Fazle Fahim welcomed the decision taken by the Bangladesh Bank. It was a long standing demand from us to bring down the bank interest rate to single digit. The central bank has now brought it to a structure through fixing the interest rate to single digit. We welcome this decision, he said. The president of the countrys apex trade body also reminded that all concerned stakeholders should keep this in mind that the businesses of the banks do not face a setback while making effective this decision. He also suggested for reorganising the banking sector to make sustainable this decision of the central bank which is investment-friendly. Fahim said, Weve been demanding for long for the ease of doing business as well as reducing the cost of doing business. At the same time, were also raising our demand so that the banks can continue their businesses. For this, the entire banking sector needs to be reorganised.