BB asks banks to keep maximum 12pc interest

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FE Report
The central bank has asked the commercial banks to keep the lending rate on import financing for nine essential food items at maximum 12 per cent.
"We've reminded the banks to continue the interest rates on the items for keeping the prices of essentials at a reasonable level before and during the holy month of Ramadan," a senior official of the Bangladesh Bank (BB) told the FE Thursday.
In May 2009, the central bank asked the commercial banks to bring down the lending rate on import financing for nine essential food items to a maximum of 12 per cent from 13 per cent.
He also said the move will also help ensure smooth supply of the essential items in the local market during the period.
The essentials are: edible oil, gram, pulses, peas, onion, spices, date, fruits and sugar.
Normally, a large quantity of essential commodities is imported to meet the additional demand of consumers during the month of Ramadan, the month of fasting.
The central bank issued a circular in this connection Thursday and asked the chief executives of all scheduled banks to strictly follow the circular.
The banks have been asked to fix various bank charges including fees and commissions for importing the items at reasonable level, the BB officials said.
"We hope the consumers will get the benefit of the measure," the BB official said, adding that the central bank has taken such measure as a policy support to the consumers.