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BB circular soon

Single digit lending rate for all banks

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05th-Aug-2019       
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Staff Reporter :
The government has made it mandatory for all the scheduled banks to charge a maximum 9 percent interest rate for lending, and 6 per cent for deposit.
"Bangladesh Bank will issue a circular in this regard soon," Finance Minister AMH Mostafa Kamal made the announcement while talking with the journalists after a meeting with the bank chairman and managing directors (MDs) on Sunday.
The meeting was held at the central bank headquarters in city.
Bangladesh Bank (BB) Governor Dr Fazle Kabir presided over the meeting.
"A total of 16 banks have already implemented single digit lending rates as per the instruction to the government. Of them, seven are state-owned bank. Other banks should also follow the directive on lending rate in line with the promises made by the sponsors of private banks," said the Finance Minister.
He also said that private banks must follow the directive on maintaining a 9 percent lending rate and 6 percent deposit, and the central bank will issue a circular in this regard soon.   
Prime Minister Sheikh Hasina earlier directed the bankers to offer single digit interest rates on loans, in order to boost private sector investment.
Private sector credit growth hit 6-year low in June this year amid liquidity crisis in the country's banking sector.
According to BB data, the private sector credit growth plunged to 11.29 percent in June, which was the lowest since June 2013 when it was 11.04 percent.

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