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Spl savings scheme to replace existing ones

BB governor tells The Daily Star

REJAUL KARIM BYRON
Government is considering introduction of a special savings scheme in place of the existing ones, said Bangladesh Bank (BB) Governor Dr Fakhruddin Ahmed yesterday.
He also disclosed that the government is set to introduce two bonds for general investors and kick off a secondary bond market for the first time.
Talking to The Daily Star, Fakhruddin, who completed two years in the office on November 29, observed that the lending interest rate should be lowered to increase the investment flow.
"If the deposit lending rate is not lowered the banks will become dysfunctional," said the central bank supremo.
Identifying savings certificates as deposit, the governor noted, "the interest rates of savings certificates are very high."
But a vulnerable section of the society, which includes pensioners, is dependent on savings instru-
ments. That is why government is considering an alternative scheme like a special savings plan, he said.
He however did not say whether the existing savings instruments -the savings certificates of five-year, with 12.5 percent interest rate, and three-year, with 12 percent, would be cancelled.
On the new bonds, he said, "The government will release two types of bonds -- one with five-year term and the other with 10-year -- within this month."
The maiden secondary bond market will be launched by January, and its primary dealers will be appointed within this month.
"There is huge investment scope in this market," he pointed out.
The investors were getting a wider scope nowadays that could be seen from the upswing at the share market and investments in banks and good companies, said Fakhruddin.
On local investment situation, the central bank chief said, "In the last fiscal year, disbursement of industrial loans grew by 13 percent. In the first three months of this fiscal year, the rate jumped by 106 percent in comparison to the last year's corresponding period."
The government investment would also increase through annual
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development programme, he added.
The investment would get another shot in the arms as banks have assured the central bank of lowering lending rates, he said.
Regarding the inconsistency in the foreign direct investment (FDI) figures of the Board of Investment (BoI) and the central bank, Fakhruddin said, "BoI can have a survey (on FDI) of its own. But before publishing its findings, it should consult with the appropriate authorities (Bangladesh Bank) that deals with the FDI."
The governor has already proposed the BoI to co-ordinate with the BB before publishing FDI from the next time.
The BoI recently announced that the FDI flow was up by 71 percent and it stood at $287 million between January and June. This figure is 55 percent higher than that of the central bank.
The BB recognises the investments that were made through the banks as FDI. Reinvestment by foreign companies and intercompany borrowing are also considered as FDI after scrutiny. The BB conducts survey regularly to monitor the FDI flow.
"We need to scrutinise all the figures as there could be many gaps in the information provided by companies," the governor pointed out.
"That is why we have asked the BoI to send us its company-wise FDI survey report. If our scrutiny finds the claims satisfactory, we will accept its figure," he said.