Issue of single digit bank rate

Our Prime Minister has asked the banks to bring down interest rates below 10 per cent or what is called single digit rate, since lower interest rate can help boost industrialisation. We appreciate this initiative and we believe it would encourage our private sector to take more investment initiatives. To make that possible, all financial institutions should maintain a just spread between deposit and lending rates. However, there should be separate rates for pensioners in view of their age and dependence on income from savings schemes. We may ensure first single digit rate for small industries and women entrepreneurs. Although, in open market economy, nobody can impose any rate, the leaders of our banking industry may decide how to start the process of lowering interest rates. A fair competition, both among financial institutions and private entrepreneurs, can help reduce interest rates that are beneficial for all players.

Md Noor -E-Alam Zia

Brown Commpound Road, Barishal