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Govt to ensure single digit interest for all sectors: Finance Minister

Govt to ensure single digit interest for all sectors: Finance Minister

Finance Minister A H M Mustafa Kamal on Monday (Dec 30) said the government will ensure single digit interest rate for all types of loan and deposit in the banking industry.

“As per the instruction of Prime Minister Sheikh Hasina, the interest rate for all sectors, except debit and credit cards, will come down to single digit. A circular in this regard will be issued soon,” he said.

The finance minister told newsmen after a meeting with the Bangladesh Association of Banks (BAB) and the Association of Bankers, Bangladesh (ABB) at the Jabbar Tower in the city, local media reported.

Kamal said the association leaders demanded more three months for taking preparation, but the decision will be taken after discussion with the PM.

The new interest will be maximum six percent for deposit and maximum nine percent for lending, he added.

He said though earlier the government decided to ensure the single digit interest rate for industrial sector, but Prime Minister Sheikh Hasina wants to ensure the rate for all sectors.

“So, we will give more time to the banking sector as they can take preparation,” he added.