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Borrowers jump for joy at 9pc interest

AKM Zamir Uddin

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Sadrul Hasan Ripon’s dream of building his own home on a piece of land he purchased in Keraniganj six years ago is set to materialise now thanks to the slash in interest rate to single-digit for borrowing from April 1.

“I am pleasantly surprised,” said the mid-level executive at an insurance company, who until now thought a house on his land was unfeasible given his low savings and the high bank interest rates that go up to 15 percent.

But thanks to Prime Minister Sheikh Hasina that house-building plan no longer seems unworkable.

Initially, Finance Minister AHM Mustafa Kamal negotiated with banks to extend 9 percent interest on loans to the manufacturing sector from today.

But the prime minister demanded single-digit interest rates for all loans.