Hike in bank interest rates likely

Prime Minister's Private Industry and Investment Adviser Salman F Rahman hinted at the possibility of increase in the bank interest rates in the coming days as such rates have already gone up globally.
He, however, said the interest rates in Bangladesh will decline, once if the same decreases internationally.
He made the observations at a press conference at a BIDA auditorium on the upcoming two-day Commonwealth Trade and Investment Forum (CTIF), which will kick off on September 13 in the capital.
Responding to a question from a journalist at the press briefing, Mr Salman said, "The interest rates in the banking sector might see upward trend as such rate is rising globally. Once such rates decline internationally, our country will reduce it domestically".
He also admitted that the country's businesses faced harassment by National Board of Revenue (NBR) in different times.
"I am not rejecting the fact that sometimes the businesses suffered harassment for income tax and custom related issues", he said.
However, Mr Rahman hoped that exiting tax reform measures will help end such harassment in the coming days.
Regarding the upcoming CTIF, he said, "We want to focus Bangladesh to the Commonwealth countries. The event also aims to increase networking among the countries. It also accelerates the people to people contact and business to business."
The CTIF is mainly aimed at fostering trade and investment opportunities among Commonwealth member countries.
Co-partners of the event being organised by the Commonwealth Enterprise and Investment Council (CWEIC) are Bangladesh Investment Development Authority (BIDA), the country's main investment development agency, Ministry of External Affairs and ZI Foundation.
The event is also expected to play a vital role in furthering economic development and cooperation within the Commonwealth.
The opening ceremony of the forum will be held on September 13 at the Bangabandhu International Conference Center( BICC) in Dhaka.
Prime Minister Sheikh Hasina is expected to inaugurate the event. She will present the "Commonwealth-Bangladesh Bangabandhu Sheikh Mujibur Rahman Green Business Award", at the inaugural ceremony.
A total of 12 sessions of the CTIF will be attended by top representatives of the public and private sector from Bangladesh and various Commonwealth member countries.
Thirteen foreign ministers and members of parliaments (MPs) are participating in this event. They will highlight trade and investment opportunities among Commonwealth member countries in those sessions being organised on September 13-14 at InterContinental Dhaka.
Some 2.5 billion people live in 56 countries under the Commonwealth, which is one-third of the world's total population. The combined GDP of the Commonwealth of Nations is over $13 trillion and will rise to $119.5 trillion by 2027. Using the Commonwealth's network, Bangladesh can create new markets for Bangladeshi export products and attract foreign investment.

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