Muhith for lowering high interest rates
14 small entrepreneurs awarded
BSS
Finance Minister Abul Maal Abdul Muhith favoured further interest rate cut and indicated a mechanism to help bring down the interest rate at least near the desired level of the countrys business community, reports BSS.
The countrys business leaders have long been urging for bringing down the interest rate on bank loans to single digit so they could invest more and make their business competitive.
Many banks with high level of liquidity have reduced their rate of interests, but the average lending rate in the countrys banking sector has still remained at two-digit level and also higher than many other countries.
The finance minister, while responding to the demand for single-digit interest rate at a programme in the capital city, said the government could do nothing directly to lower the interest rates as the rates are fixed by the banks under the direction of the central bank.
He was addressing the award giving ceremony of the International Business Forum Bangladesh (IBFB) where the IBFB honoured 14 entrepreneurs of the SME sector with Successful Small Entrepreneur Award-2014 for their contribution to help develop the small and medium enterprises in 2014.
Muhith, however, said the government would regularly adjust the interest rate of savings certificates, which would eventually influence the interest rates of banks towards lower level. He said in spite of various limitations the country has achieved significant progress in industrialisation of the country.
UNB adds: the finance minister formally handed over the awards to the successful small entrepreneurs. SME Foundation chairman KM Habibullah and IBFB president Hafizur Rahman Khan, among others, were present on the occasion. Successful Small Entrepreneur Award-2014 has been given in seven categories this year.
The awardees are Architect Mir Al Amin, managing director of Noorjahan Agro-Processing Private Limited from Bagerhat (processing of agriculture products); GM Nurul Islam Rony, proprietor of Rony Agro Engineering from Satkhita (agri-inputs and agri-technology); Abdul Hakim Mandal, proprietor of Messr Abdul Hakim Mandal from Joypurhat, (agri-inputs and agri-technology); Faisar Rahman, chairman of South Bengal Fertiliser Mills Limited, Jessore, (agri-inputs and agri-technology); Rezaul Hasan, proprietor of Messr Rezaul Hasan from Naogaon (agri-inputs and agri-technology); Tanjur Rahman, proprietor of Rong Handicaps from Jessore (handicrafts); Lipi Saha, proprietor of Sananda Boutique House, Naogaon, (handicrafts); and Parvin Akhter, proprietor of Provati Boutique and Fashion House, Naogaon, (handicrafts).
Besides, Fasiar Rahman, proprietor of Messr Sabuj Matshya Khamar, Khulna, (fisheries and livestock); Mostafa Khan Feroz, proprietor of Jannatnetri Ma Fatema Fish Hatchery, Jessore, (fisheries and livestock); Belal Ahmed Imran, proprietor of Dream Agro from Sylhet (fisheries and livestock); Ashraul Alam, proprietor of Messr Repon Metal Industries, Jessore, (light engineering); Shahedul Islam, proprietor of Marine Chemical Company, Rangpur, (fisheries and livestock); and Akbar Hossain Kismat, proprietor of Bagan Bari Nursery from Sylhet (nursery development) were given the award.
K M Habib Ullah, chairperson of SME Foundation, and Elizabeth Gourlay, consular chief of US Embassy in Dhaka, also addressed the programme with IBFB president Hafizur Rahman Khan in the chair.
