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BSS-43
FAHIM-LENDING RATE
FBCCI president calls for operational model for single-digit lending rate
DHAKA, March 5, 2020 (BSS) – FBCCI President Sheikh Fazle Fahim today requested the Ministry of Finance and its stakeholders to work out an operational model for banks and the businesses for ensuring sustainability under a new regime of single-digit lending rate.
“The FBCCI had long been advocating for the single-digit lending rate for the betterment of the businesses in the country to help the domestic economy and investment boom,” he told the inaugural function of the 28th Chattogram International Trade Fair (CITF), said a press release.
The new decision– a maximum 9 percent interest rate on all loan products except credit cards–will come into effect from April 1. The business apex body has welcomed the move by the Bangladesh Bank.
Fahim again thanked Prime Minister Sheikh Hasina and Finance Minister AHM Mustafa Kamal for the decision that the businesses think would create an environment bringing more investment.
The inauguration was held in Chattogram’s Pologround. Commerce Minister Tipu Munshi inaugurated the annual event as chief guest while Sheikh Fahim was a special guest.
The Chittagong Chamber of Commerce and Industry (CCCI) has organised the month-long fair where about 400 business institutions are taking part. This year’s partner country of the fair is Thailand.
To get the maximum result in a sustainable way under the new lending rate, the FBCCI chief said the Ministry of Finance and other stakeholders should now work for a model that would help both the businesses, especially the SMEs, and thus the banking sector could exploit the benefit.
He also stressed that the new lending rate would be a win-win proposition.
Focusing on the possible impacts of corona virus, Fahim told the event that the FBCCI and the Ministry of Commerce and the Ministry of Finance were working together so that any overdue payment was not penalised because of the sudden situation stemming from the deadly outbreak worldwide.
About 81 countries and territories have been affected by the virus that originated in China’s Wuhan, killing more than 3,000 people and infecting about 95,000 people globally. “The PMO (Prime Minister’s Office) is aware of the situation. We are working together and I am sure the businesses will get relief on case-to-case basis,” Fahim said.
Fahim also focused on the need for proper market watch and better supply chain management at the Khatunganj wholesale market in Chattogram during the upcoming Ramadan so that the prices of essential commodities do not skyrocket.
He said that the Chittagong Chamber of Commerce and Industry (CCCI) has a vital role to play in ensuring the supply chain management at Khatunganj, which is one of the largest wholesale markets for essential commodities and spanned over a huge area across the Chaktai canal and Karnaphuli river in Chattogram.
Fahim also said throughout the centenary birth celebration of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the FBCCI would organise or join many events at home and abroad.
Such business events include programmes at Divisional headquarters while international events include China South Asia Business Forum in Kunming, Dubai Expo 2020, Canada-Bangladesh Summit in Dhaka and Toronto, Brazil-Bangladesh Summit in Dhaka and Brasilia, 54-nation Rwanda Business Forum and African Union Bangladesh Summit.
The FBCCI boss said he wished the CITF 2020 a grand success.
The opening of the CITF was also attended by CITF Chair Mahbubul Alam, deputy minister for Education Mohibul Hassan Chowdhury, former CCCI President M A Latif MP, among others.
BSS/PR/GM/MRU/2035hrs