Businessmen have urged the Bangladesh Bank Governor to reduce interest rates to single digits to help businesses thrive in the current competitive global market.
At a meeting with Governor Dr Ahsan H Mansur the delegation from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), and Bangladesh Textile Mills Association (BTMA) outlined their concerns on Thursday.
They stressed the need for a gradual reduction in interest rates, which are currently above 14% for borrowers.
“In the competitive markets, small and medium enterprises merely make 10%-11% profits,” they said in a letter to the governor, seen by TIMES of Bangladesh.
“The high borrowing cost made survival in the competitive world tough,” the delegation added.
In their view, reducing the interest rate would help in maintaining the competitiveness of Bangladeshi products, encourage investment.
The delegation also presented several other proposals to address the economic challenges facing the country.
