Single-digit interest rate from 1 Jan: Finance minister

Finance Minister AHM Mustafa Kamal has said country's banks will follow the single-digit interest rate from January 1 next, reports UNB.

He made the remarks while briefing reporters about the outcome of a meeting of the cabinet committee on public purchase on Wednesday at the secretariat.

The minister said Bangladesh Bank has already submitted a report to him to this end and it will issue a circular soon.

He mentioned that bank owners had promised to prime minister Sheikh Hasina to bring down the interest rate to single digit and took huge advantages with this commitment. But the promise of lowering the bank interest rate remained still unimplemented.

Mustafa Kamal said all banks were given time to execute the order and now they are ready to lower the interest rate. "You'll see the result once the central bank issues the circular," he said.

He said lowering the interest rate to single digit will ease many tasks for the industries, especially the manufacturing sector.

The minister mentioned that the High Court also ordered for introducing a single-digit interest rate.

He said all the entrepreneurs will get equal treatment from the banks in paying interests.

The government has been trying to pursue banks to keep the bank interest rate between 6 and 9 with 6 percent being applicable for depositions while maximum 9 percent for loan receivers.

But so far, only 11 banks, out of total 58, followed the ceiling as per their promise made to the prime minister.