2024-09-05 22:01:28
Published: 21:52, 4 September 2024 Updated: 22:40, 4 September 2024
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It will take time to control inflation in Bangladesh. As a result, the central bank is planning another round of policy rate hikes. By the end of this September, an announcement on the policy rate hike may come. If the policy interest rate increases, other interest rates including credit cards will also increase.
On Wednesday (September 4), the governor of Bangladesh Bank gave such a glimpse to the managing directors of commercial banks in the bankers’ meeting. Ahsan H. Mansoor. Several bankers present at the meeting confirmed this.
To keep the foreign exchange market stable, the central bank governor advised not to sell the dollar at a rate of more than 120 rupees.
Inflation increased last month due to political unrest. If it increases this month too, then the policy interest rate will be further increased by meeting on monetary policy at the end of this month. In that case 50 basis points may be increased. That is, the central bank will continue to increase the policy interest until inflation is brought under control. Bangladesh Bank has given such a warning message to the chief executives of commercial banks.
After the meeting, the governor said. Ahsan H Mansoor said, our currency market is very stable now. However, inflation control is not yet possible. As long as inflation rises, policy interest rates will continue to rise.
Earlier, during the tenure of former Governor Abdur Rauf Talukder, banks were given various instructions outside the circular, which will no longer be effective. In that case, banks will have the opportunity to compete with their own interest rates. That is, the interest rate of the verbally fixed loan will no longer be locked at 14 percent. The interest rate of the loan will be fixed according to the market. However, a warning has been issued that one should not resort to unhealthy competition or immorality.
At the same time, during the time of former governor Abdur Rauf Talukder, there was a verbal instruction that the credit card interest rate should not exceed 18 percent. It has been asked to cancel it and determine the interest rate as per Sakurla. In that case, the credit card interest rate will undoubtedly increase.
NF/Rafiq