Commerce Minister Tipu Munshi today accused bankers in the country of not bringing down the interest rates to single digit despite having received benefits from the government.
"Doing business is difficult due to high interest rates and policies of the National Board of Revenue," said the minister at the inauguration of the three-day Ceramic Expo Bangladesh 2019.
I think the revenue collection policy should be changed as pressure on existing taxpayers is increasing while there are lots of people who do not pay taxes despite having taxable income, he said.
"Traders cannot do business with 12 to 14 percent interest on loans. Factories will be closed down and the number of loan defaulters will increase due to the excessive rate of interest," he added.
The Finance minister AHM Mustafa Kamal also asked private banks several times to reduce the interest rate but they did not pay heed to that.
Among others, President of The Federation of Bangladesh Chambers of Commerce and Industry Sheikh Fazle Fahim, Bangladesh Ceramic Manufacturers & Exporters Association President Sirajul Islam Molla were present at the programme.