DHAKA: Finance Minister Abul Maal Abdul Muhith said it is not possible for banks to reduce interest rate overnight. 

The minister was replying to a query of reporters following a cabinet committee meeting at the Secretariat on Wednesday (July 11).

When asked why all the banks have not brought down interest rate to a single digit, the finance minister said, “Yes, I heard. They have not brought down the rate yet. However, this target is very much difficult. Initial target was difficult.”

“I might have said earlier that the interest will be drought down as soon as possible. It is not possible for everyone to do it on such a short time”, he said. 

When asked about possible disorder if interest rate is not decreased in any bank, Muhith dismissed the notion saying, “Look, you can not impose it overnight. I’ve given directives to Bangladesh Bank to work in steps on this matter.”

BDST: 2025 HRS, July 11, 2018
AH/AP/SMS