It is difficult to become optimistic about lowering of interest rate, which has actually been a longstanding demand from all concerned in the country. Still, businesspeople may be encouraged by a news item that top bankers have agreed to bring down industrial lending rates to single-digit. The central bank has constituted a seven-member committee to find out ways of doing so shortly.
At the meeting where such agreement came on Sunday, the finance minister blamed higher interest rates for rising classified loans. The minister, AHM Mustafa Kamal, announced that the single-digit interest rate would come into effect from January 01, 2020. This measure, if taken finally, would be a landmark progress in cost of doing business in Bangladesh.
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