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Single digit interest from Apr 1

Single digit interest from Apr 1

Banks will have to fix the interest rate for lending at 9 percent from Apr 1 next year as per Prime Minister Sheikh Hasina’s instruction.

“We earlier took a decision to implement single-digit interest rate for only the industrial sector, but now it will be for all sectors except credit cards,” Finance Minister A H M Mustafa Kamal told reporters after a meeting with private banks’ sponsors and managing directors at the headquarters of Bangladesh Association of Banks (BAB), local media reported.

The PM wanted the single-digit interest rate within the next two months, but banks have sought an additional month, he said, adding that the central bank will issue a notice on this within a day or two.

The single-digit interest rate will be applicable for all fresh and old loans. At the same time, banks will have to pay 6 percent interest on deposits.