Businesses in Bangladesh, especially those into readymade garment manufacturing who had so far been facing the heat of skyrocketing interest rates on lending, have something to cheer about after Finance Minister AHM Mustafa Kamal recently underlined that his Government is all set to enforce its decision to bring interest rates on bank loans down to a single digit beginning next year.
The Finance Minister stated this after meetings of the Cabinet Committees on Government Purchase and Economic Affairs at the Secretariat recently, as per media reports.
“We are trying to bring it (single-digit interest rates) into effect from 1 January. Bangladesh Bank (BB) will issue a circular which will contain all the necessary guidelines. The Finance Ministry must also work on it,” underlined AHM Mustafa Kamal.
With respect to the same, a committee tasked with formulating a strategy to reduce lending rates has submitted its report, said the minister.
The central bank is expected to issue a circular in this regard soon.
