Syed Ashraf flays finance minister, Bangladesh Bank for ‘high’ interest rate on loans

Public Administration Minister and Awami League General Secretary Syed Ashraful Islam has hit out at Finance Minister Abul Maal Abdul Muhith and Bangladesh Bank for ‘high’ interest rates the banks charge on loans. 

Kishoreganj Correspondentbdnews24.com
Published : 16 Jan 2016, 07:28 PM
Updated : 16 Jan 2016, 07:28 PM

He has blamed the ‘high’ lending rate for the drought of investment. 

He made the observation while interacting with businessmen in Kishoreganj on Saturday. 

“Bangladesh Bank and the entire finance ministry, including the finance minister, are suffering from a distorted judgment. They don’t have any outlook,” he said. 

In other countries, he said, one could get loan to do business at interest rates of two, three or five percent, but “only Bangladesh is an exception”.

Currently, banks in Bangladesh charge 12 to 17 percent interest on industrial loans. Businessmen and entrepreneurs have for long been demanding a reduction in interest rates.