High interest rate conundrum

High interest rate is hurting our economy and the government has also made its intention clear about reducing it. But no concrete steps are being taken to make it effective. Enough money is now lying idle in banks as the entrepreneurs are not ready to invest in new ventures. A lull is prevailing in our economy which is bad for our country and its future.  We have to reduce operating costs in our business of which interest charge is one.  It is well known that lending rate is high in our country compared to some of our Asian neighbours.
I don't know what is stopping our government from taking effective steps to reduce the high interest rate. Surely lower interest rate will create buoyancy in our economy and generate more employment. Borrowers are hesitant to take money from the bank as they have to pay 16 per cent interest and if we calculate other charges it will be as high as 18 per cent. Many corporate houses are now borrowing from foreign sources, which is limiting the chances of local banks to lend them. I hope the government will take immediate steps to bring down the present interest rate significantly so that our economy gets the much needed boost and thrive.
Saiful Islam
Baridhara DOHS
Dhaka.