Finance Minister AMA Muhith yesterday criticised the bank owners for their tendency to make money fast by charging higher interest rates.

"Those who become entrepreneurs don't have patience to make money slowly. They want to make money quickly," he said while addressing the concluding ceremony of the two-day National Entrepreneur Summit at Osmani Memorial Hall in the capital. Team Engine organised the programme attended by youths.

The finance minister said the level of profit begins with 20 percent. As a result interest rates become very high.

At the programme, it was said that high interest rates for bank loans discourage new investments.

Citing present inflation at about 8 percent, Muhith said the rate of deposits should be slightly above the inflation rate. But it is 14-15 percent, and as a result, the lending rate goes up to 20 percent.

In response, Nurul Fazal Bulbul, a director of EXIM Bank, blamed the government for higher bank borrowing costs. He said, while the government offers 12 percent interests for savings certificates, they will not get deposits at lesser price.

Muhith said he is not in favour of offering 12 percent although his subordinates want to offer more to lure people to buy savings instruments.

He said the problem is that there is no bank rate in Bangladesh based on which rate of interests on deposit should be determined.

The minister also said land for three special economic zones would be acquired this year to promote investment.

The minister stressed the need for framing anti-trust law apart from enforcement of competition law to encourage competition and prevent oligopoly and syndication among business.

"There is monopoly in sugar market It is important to contain them."

Four young entrepreneurs were awarded at the programme. They were selected through a competition in two categories.