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Dhaka Tribune

Muhith blames high interest rate for low local investment

Update : 20 Dec 2015, 07:37 PM

The banks’ high interest rate against borrowing remained a major obstacle to local investors, particularly the SMEs, said Finance Minister AMA Muhith at a function yesterday.

He said despite the fact that the small and medium enterprises were making great contribution to the country’s economy, they were not receiving enough funding from the state-owned bank for industries (Bangladesh Development Bank Ltd).

Finance minister was speaking at a prize-giving ceremony of the “Successful Small Entrepreneur Award 2014,” at a hotel in Dhaka. The International Business Forum of Bangladesh (IBFB) organised the event.

“The bank interest against loans has become a heavy burden for local entrepreneurs,” he said speaking as the chief guest of the function.

The commercial banks – both private and state-run – maintain double-digit interest rates, 13-15%, against loans.

Finance minister said the country’s average GDP growth rate had been 6.3% during the last 15 years despite a period of global economic recession.

Muhith distributed prizes among 14 small-scale entrepreneurs. They are Engr Mir Al Amin, GM Nur Islam Roni, Abdul Hakim Mondol, Fyzur Rahman, Rezaul Hasan, Parvin Akter, Tanuza Rahman, Lipi Saha, Md Fasiar Rahman, Belal Ahmed Imran, Mustafa Khan Feroz, Ashraful Islam, Shahedul Islam and Akbar Hossain Kismat. 

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