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Kibria hoped central bank would consider lowering interest rate |
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May 4, 2000
Dhaka, May 3 (UNB)- Agreeing with businessmen’s viewpoint, Finance Minister Shah AMS Kibria today (Wednesday) hoped that the central bank would consider lowering the interest rate of the banks.
“I believe that in the light of low rate of inflation 14, 15 or 16 per cent interest rate is very high, a prohibited rate,” said the finance minister. The minister was addressing the 21st consultative committee meeting of the National Board of Revenue (NBR) at the FBCCI auditorium. NBR Chairman Abdul Muyeed Chowdhury, acting President of the FBCCI MA Mumin, former FBCCI president Salman F Rahman, former DCCI president M Yunus also spoke on occasion. Responding to a suggestion of the business community, the Finance Minister said he would not direct the central bank over the issue. He, however, said that interest rate should be fixed on the basis of supply and demand. There should be a competition among the banks on interest rate, he added. “Some people say that the interest rate of the savings instruments is high and contrary to reducing the bank rate. I am considering to take some steps in this regard,” Kibria said. The finance minister also agreed that the bank should increase term lending in the interest of industrialization. “With the spirit to promote private enterprises and capital investment, I hope the banks will consider it.” Kibria said an efficient and corruption-free banking, and an interest policy on the basis of inflation rate could help the economy grow faster. Declining to speak on a demand that all parliament members should be brought under income tax network, he spoke on the wealth accumulated by the siblings of politicians. “Like other citizens, the siblings of politicians have also the right of doing business. I don’t know how they make money so quickly. But, there is a problem if you want to investigate it. Any such investigation will be termed as political harassment,” he said. On the question of minimizing the size of the government, the finance minister said he was trying to do that. “But, whenever you start doing it there will be protest from many corners. There will be street processions and newspapers will project it as an inhuman job.” He urged the business community to mobilize people’s opinion on some of the national issues like minimizing the size of the government.
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