Max 9% interest on loans from April next year

Finance Minister AHM Mustafa Kamal today said banks will charge a maximum interest rate of nine per cent for all types of loans and six per cent for deposit from April 1 next year.

The central bank will issue a circular within a day or two to this end, he told reporters after a meeting with private banks’ sponsors and managing directors.

The meeting was held at the Bangladesh Association of Banks (BAB) office in the capital this evening.

The decision has been taken as per instruction given by Prime Minister Sheikh Hasina, Kamal said.

“We earlier took decision to implement single digit interest rate on only the manufacturing industrial sector. But, the lending rate will be effective for all sectors except only credit card as per our new decision,” he said.

Asked whether banks will face any types of loss because of the latest decision, the minister said such measure would not create any troublesome for banks.

“We will provide supports to banks so that they will not face any problem. But, the supports will not be for a long time,” Kamal added.