Single-digit interest rate from Jan 1

All banks in Bangladesh will charge a maximum of 9 percent interest rate in providing industrial loans from January 1 next.

The decision was taken at a meeting of the Bangladesh Bank Governing Board on Tuesday.

Central bank Governor Fazle Kabir presided over the meeting while Finance Secretary, Banking Division Secretary and National Board of Revenue (NBR) chairman, who are also board members, attended the meeting.

“After analysing different aspects of a report submitted by a committee formed by the central bank in this regard, the BB Governing Board took the decision,” Sirajul Islam, spokesman of the Bangladesh Bank, said.

He also said the central bank will now issue a circular asking the banks to follow the new interest rate to be charged for industries, including the manufacturing sector.

All kinds of industrial loans, including working capital, will come under the new rate, Sirajul added.

Dhaka/Hassan/AKA