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26 February, 2020 00:00 00 AM
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BB sets single-digit lending rate from April 1

BSS, Dhaka

Bangladesh Bank (BB) has set maximum nine per cent interest rate on all loans except credit cards as part of the government initiative to bring down the lending rate to a single digit.

The central bank has instructed the banks to implement the new interest rate from April 1 this year, according to a BB circular issued on Sunday night.

Borrowers will have to pay an additional 2.0 per cent as panel interest along with the new rate if they become defaulters despite getting the facility, the circular added.

The central bank has kept unchanged the interest rate at 7.0 per cent for exporters.

From the current year, the circular also said, banks will not be allowed to disburse loans to the industrial sectors less than their average outstanding credit in the last three years.

The ongoing high bank interest rates are hindering the growth of the country’s small, medium and large business, and services sector, said the BB circular, adding “Such high lending rates are not only pushing their cost of production but also affecting the country’s competitive advantage in the global market.”

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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