CCCI urges govt to exempt loan interest of 2Qs

CHITTAGONG, Feb 1: President of Chittagong Chamber of Commerce and Industry (CCCI) Mahbubul Alam has requested Finance Minister A M A Muhith to relax rules of the Bangladesh Bank (BB) for exempting the businesses' bank loan interest of two quarters (2Qs) due to indefinite blockade and hartal of some political parties.

In a letter to the minister on January 31, he said during the ongoing blockade goods-laden vehicles are becoming victims of arson and petrol bomb attacks on the highways.

Many vehicles are damaged and burnt by culprits, while the transport operators are claiming two-three times fare for carrying raw materials for industries and other essential commodities.

As the port-bound export cargoes are failing timely shipment, foreign buyers are cancelling import orders. It is leaving the country's overall trade and commerce, investment and employment at jeopardy, casting a negative impact on the national economy, the CCCI letter mentioned.

In such a situation, overall business including industrial production has collapsed. As a result, the entrepreneurs are facing tremendous difficulties to pay their bank loans at high rates of interest as well as salaries and benefits of workers and officials.

Considering these facts and reviewing the country's overall business scenario the CCCI president urged the minister to relax rules of the central bank, enabling exemption of interest, payable to banks against sanctioned loans, for at least two quarters.

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