Bank interest rate to come down to single digit from Aug 9: Muhith


DHAKA, Aug 2, 2018 (BSS) – Finance Minister AMA Muhith today said the interest rate in the banking sector will come down to single digit from August 9.

“The new initiative of the six percent deposit rate and nine percent lending rate will be effective from August 9. Chairmen and managing directors of the banks agree to implement the new rate as per the direction of the Prime Minister Sheikh Hasina,” he said.

The finance minister told newsmen after a meeting with chairmen and managing directors of the banks at National Economic Council (NEC) conference room in the city.

Muhith said many banks have already implemented the six percent deposit and nine percent interest rate. But, he said the interest rate for consumer loan and credit card loan will be flexible as per the some banks obligations.

He said there is no liquidity crisis in the financial sector since the government has decided to allow state agencies to deposit 50 percent of their funds with private banks, up from the ceiling of 25 percent, to tackle liquidity crisis.

“This has been very helpful to mitigate the liquidity crisis,” he added.

The finance minister said the government will review the interest rate of the savings certificate on August 8.