FBCCI chief for operational model of single-digit lending rate

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Sheikh Fazle Fahim asked the Ministry of Finance and other stakeholders to work out an operational model of the single-digit lending rate for banks and businesses. 

The new decision – a maximum 9 percent interest rate on all loan products except for credit cards – will be effective from April 1. To ensure the maximum result in a lasting way, especially for the small and medium-sized enterprises and the banking sector, Sheikh Fahim made the request. 

Speaking at the inauguration ceremony of the 28th Chattogram International Trade Fair on Thursday, the FBCCI chief said the FBCCI had long been advocating for the single-digit lending rate to help the domestic economy and boost investment.

Focusing on the possible impacts of coronavirus, Sheikh Fahim said that the FBCCI, and commerce and finance ministries were working together so that any overdue payment was not penalised because of the sudden situation stemming from the deadly outbreak worldwide. 

"The Prime Minister's Office is aware of the situation. We are working together, and I am sure the businesses will get relief on a case-to-case basis," Fahim said.  
 
Sheikh Fahim also focused on the need for proper market watch and better supply chain management at the Khatunganj wholesale market in Chattogram during the upcoming Ramadan so that the prices of essential commodities do not skyrocket.  
 
He said that the Chittagong Chamber of Commerce and Industry has a big part to play in ensuring the supply chain management at Khatunganj, one of the largest wholesale markets for essential commodities in Chattogram.
 
Commerce Minister Tipu Munshi inaugurated the annual event at Chattogram as chief guest while Sheikh Fahim was a special guest. 

The Chittagong Chamber of Commerce and Industry has organised the month-long fair where about 400 business institutions are taking part.