The new bank interest rates of deposit and lending- 6.0 per cent and 9.0 per cent respectively-will be effective from August 09.
Finance minister AMA Muhith made the announcement at a meeting with chairmen and managing directors of banks in NEC auditorium in Dhaka on Thursday.
"The chairmen and managing directors of private and public banks are here. This (implementing new rate) is their total commitment," he said.
Mr Muhith also said that the yield rate of savings tools would be reviewed next Wednesday.
He was briefing the reporters after the meeting.
The minister said the new rates were due to be effective from today (Thursday) as declared by the Prime Minister.
But the date has been deferred for one week with her approval, he added.
Mr Muhith said, "Half the banks have already implemented the new rates. The remaining will make it effective on August 09."
He said the lending rate must be 9.0 per cent except consumer loans and credit card loans which will enjoy flexibility.
The minister said the current yield rate of savings tools is much higher than the market rate.
"Usually, we review the rate in two to three years. When the rate goes very high, we review it," he stated.
Mr Muhith said there is no liquidity crisis in banks now. "Plenty of funds are available."
"Particularly, the decision to provide 50 per cent funds of the government institutions to private banks has been very helpful in this case," he said.
As directed by Prime Minister Sheikh Hasina, Bangladesh Association of Banks on June 20 declared to cut loan interest rates to single digit.
Some banks implemented the decision on July 02 last but many of them are yet to follow.
Bangladesh Association of Banks is a platform of the directors of private banks.
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