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 interest rates are not business-friendly,” he said, urging the central bank to gradually bring lending rates down to single digits in the upcoming monetary policy.
According to Alamgir, the Governor assured the business delegation that interest rates would be adjusted downward in the next policy cycle.
The FBCCI also proposed extending the tenure of a committee formed to restructure loans for borrowers affected by the pandemic, the Russia-Ukraine war, natural disasters, and political unrest.
The committee’s term expired in September, and the business leaders requested a six-month extension.
In addition, they proposed forming a new committee to review loans below Tk 50 crore and provide necessary policy support.
The Governor reportedly agreed to continue the process and address these concerns.
To ease challenges faced by export-oriented industries, the business delegation also suggested establishing a high-level committee to resolve banking complications in the export sector.
The Governor has since assigned a Deputy Governor to directly handle such issues, allowing business groups to engage more efficiently with the central bank on sectoral concerns.