Bangladesh sets 9 pct maximum interest on import financing

Source: Xinhua | 2020-03-03

The central bank of Bangladesh has set a maximum 9 percent interest rate on financing for imports of consumer goods.

Bangladesh Bank (BB) Monday issued a notification in this connection.

The decision came about a week after Bangladesh Bank asked private commercial banks in the country to set a maximum 9 percent interest rate on all loan products except credit card.

The single-digit bank interest rate -- the highest 6 percent for deposit and maximum 9 percent for lending -- will be implemented from April 1.

Bangladeshi Finance Minister AHM Mustafa Kamal had earlier said that banks would have to fix the interest rate on lending at 9 percent in line with the Prime Minister Sheikh Hasina's instruction for the sake of the speedy industrialization and investment.