Highlighting the banking challenges faced by export-oriented industries at a meeting with central bank governor Ahsan H Mansur, they called for forming a special committee within the bank to promptly address these issues.
The trade bodies included the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and the Bangladesh Textile Mills Association (BTMA).
The interest rate now is over 14 per cent, which is not conducive to business growth, FBCCI secretary general Mohammad Alamgir said after the meeting.
He explained that in a fully competitive market, small and medium enterprises make a profit of only 10-11 per cent, and such high interest rates make it difficult to remain competitive in the global market, domestic media outlets reported.
The bank governor assured that the interest rate would indeed be brought down to single digits in the next monetary policy.
ALCHEMPro News Desk (DS)
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