No private bank has reduced the lending rates to single digits as yet, despite getting privileges from the government, which is having a negative impact on businesses.
Commerce Minister Tipu Munshi came up with the remark at the inauguration ceremony of three-day international exposition titled ‘Ceramic Expo Bangladesh, 2019’ in city on Thursday.
“Eight to nine months ago, I told the parliament that it is not possible to do business with 12 to 14 per cent lending rate. You want employment, business growth…but with such lending rates businesses would not be successful”, he said.
Businesses, factories would close down one after another and loan defaulters would also increase,” he added.
Bankers have been provided various privileges and despite direction from the Prime Minister and Finance Minister, bankers did not bring down the lending rate to single digit”.
“If things like these continue, doing business would be impossible in the country”, he feared.
Bangladesh Ceramic Manufacturers and Exporters Association president Sirajul Islam Molla, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) president Sheikh Fazle Fahim also addressed the event among others.