The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) welcomed the new monetary policy statement (MPS), announced by Bangladesh Bank (BB) on Thursday. On behalf of the country's business community its President Abdul Matlub Ahmad welcomed MPS.
The central bank announced the MPS for the second half of the current 2015-16 financial year, lowering the key policy rate or repo and reverse repo by 0.5 percent to 6.75 percent and 4.75 percent respectively.
Terming the new MPS practical and realistic, the chief of the country's apex chamber-body, FBCCI, said the fresh policy stance of BB would help the country's economy perform better than all projections.
He said the policy stance of lowering interest rate would help accelerate investment and industrialisation, which would eventually support the country attain 7.0 percent GDP (gross domestic product) growth. Ahmad observed that the new MPS focused on two major issues - managing lower inflation and bringing down lending rate.
"Managing low-level of inflation while expediting GDP growth would help improve the lifestyle, especially of the poor people of the country," the FBCCI chief said.
He, however, pointed out that the existing non-performing loan is a major hindrance to reducing lending rate. So, the chamber leader suggested all concerned to be more sincere in bringing down the non-performing loan. "The lending rate would fall even to 2-3 percent if the non-performing loan comes down," Ahmad said, according to BSS. -Mithun