Business leaders ask BB to cut interest rates to single digit

Business leaders have called on Bangladesh Bank to reduce the current high lending rates to single digits, saying that the prevailing double-digit rates are hurting competitiveness and stifling business growth. In a meeting held on Thursday, October 9, at Bangladesh Bank, a 14-member delegation representing major trade bodies — including FBCCI, BGMEA, BKMEA and BTMA — met with the central bank’s Governor, Dr Ahsan H Mansur. The Deputy Governor, Executive Director, and other senior officials of the central bank were also present. Following the meeting, FBCCI Secretary General Md Alamgir told reporters that loan interest rates in the country currently exceed 14 per cent, while small and medium enterprises typically earn profits between 10 and 11 per cent. “Such high...