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Business leaders demand further cut in lending rate

Star Business Report
The latest reduction in lending rate will have a little impact on the economy, said top business leaders yesterday and asked the central bank to pursue commercial banks to lower the rate further.
"Although the banks have lowered the interest rate by a meagre one percent only, it is still much higher than the 3-5 percent rates in our neighbour-ing countries," BGMEA President Anwar-ul-Alam Chowdhury said addressing a workshop on International Trade Payment Practices in Dhaka.
International Chamber of Commerce-Bangladesh organised the workshop.
"Business communities should convince the Bangladesh Bank (BB) and commercial banks to cut further the inertest rate on loans for the sake of the economy,’’ BKMEA President Fazlul Hoque suggested.
ICC-B Vice President Latifur
Rahman inaugurated the work-shop, also addressed by Citibank NA, Bangladesh Managing Director Mamun Rashid and international trade finance expert Vincent O'Brien.
The business leaders said higher bank interest rate has been diminishing Bangladesh's competitive edge in the global market.
"The existing lending rates are already much higher compared to those in the neighbouring countries, thereby making our position more vulnerable in a competitive market," Latifur Rahman said.
He suggested the central bank and the government take necessary measures in this regard.
In the latest move, private commercial banks (PCBs) Monday announced that they would cut their lending rates by one percentage point this month to reduce the spread between the lending and deposit rates.
But businesspeople said still the rates are much higher than
those in other countries, including our neighbouring countries.
Due to long but constant persuasion of the government and the central bank, the PCBs have decided to reduce the spread without lowering the deposit rate.
The PCBs often charge 16 percent against its credits, according to BB statistics.
Private banks in India have lowered their lending rates twice only in February this year to make credit affordable to the businesspeople, including the small segment, according to newspaper reports in India.
Latifur Rahman however praised the central bank initiative to reduce the gap between the interest and deposit rates saying the move would help attracting investment and setting up new industries in the country.
Some 125 participants from apparel industry and banks attended the workshop held at the Bangladesh China Friendship Conference Centre.