Bring down interest rates

Prime Minister Sheikh Hasina yesterday asked bankers to bring down the interest rates of loan to a single digit to boost investment in the country.

"Interest rates have to be slashed and this should be in single digit. Or else, the investment will not accelerate along with the employment generation," she said while receiving donations for her Relief and Welfare Fund from the Bangladesh Association of Banks (BAB) at the Gono Bhaban.

The PM said banks would also be benefited by cutting down interest rates. "You'll be benefitted if the interest rates are reduced to a single digit ... people will be more interested in working with banks."

She said investing in any venture would not be possible in the country unless the interest rates became logical and that was why it must be brought down to a single digit.

Mentioning that government has resolved all the problems raised by the bankers, she urged them to keep their promises. "We've resolved all your problems. Now you'll have to keep your commitments."

Sheikh Hasina said the government made the private sector open whereby huge employment opportunities were created in the country and it was now working to create more job opportunities.

Rural people are now accustomed to banking as they can open accounts with the banks with only Tk 10, she said.

Bangladesh has got recognition as a developing country and the trend of advancement must be maintained to be a developed one in the future, she said.

Hasina said it would not be difficult to maintain the achievements for the next six years as required for formal declaration of being a developing country.

The PM thanked owners, chairmen and managing directors of different banks for their humanitarian support.

She mentioned that their donations were provided to the distressed, victims of disasters, sick and other extremely needy people to overcome financial problems.

BAB Chairman Nazrul Islam Mazumder also spoke on the occasion.

Country's private banks donated Tk 163 crore to the Prime Minister's Relief and Welfare Fund.

The PM had earlier distributed cheques of financial assistance among the family members of those killed and injured in the August 21, 2004 grenade attack.