Bangladesh Association of Banks (BAB), an organization consisting of the owners of private banks, has announced to curtail bank interest rates which will come into effect from Jul 1. The banks will not charge more than 9 percent interest on loans while they will pay maximum 6 percent interest on three-month period deposits.
The decision has been taken at a meeting of BAB which was held in its office in Dhaka's Gulshan on Wednesday (Jun 20), local media reports said citing a BAB press release.
At a press briefing after the meeting, BAB said that they have taken the decision upon the order of the Prime Minister. The BAB leaders also had a meeting with the PM later in the day.