Bankers haven’t kept rate cut pledge: Tipu Munshi

Senior Correspondent,


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Commerce Minister Tipu Munshi has said bankers have taken different benefits from the government pledging to cut the lending rates but they have not kept their commitment.

He talked on the matter while inaugurating a three-day ceramic expo at International Convention City Bashundhara (ICCB) on Thursday (Dec 5).

Highlighting the negative impact of high interest rates on industries, the minister said factories will be forced to shut one after another if the lending rates remain above 12 percent.

“Taking the matter into consideration, the prime minster asked banks to cut lending rates to single digit. Bankers have taken different benefits for that. But they didn’t cut the rate in the last one year,” he added.

Tipu Munshi suggested changes in tax collection focus. “They (National Board of Revenue) are imposing excessive tax on a single individual instead of expanding the tax net. It is hindering business.”

FBCCI President Sheikh Fazle Fahim, Bangladesh Ceramic Manufacturers and Exporters Association President Sirajul Islam Molla and General Secretary Ifran Uddin were present at the inaugural session, among others.

The commerce minister said interest spread in Bangladesh is above 6 percent whereas the rates range from 2.5 percent to 3 percent in other countries.

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