Tk 62,000 crore stimulus to ease pressure of high interest, says governor
Photo: Collected
Bangladesh Bank Governor Md Mostaqur Rahman has said a stimulus package of Tk 62,000 crore has been announced to restore momentum in the private sector by easing the pressure of running businesses at high interest on bank loans.
He said that as the interest rate on bank loans is currently between 12 and 14 percent, it has become difficult for entrepreneurs to run businesses and succeed. To tackle this situation, arrangements have been made for low-interest financing under various stimulus programmes.
The governor said this while speaking as the chief guest at a views-exchange meeting held at the auditorium of the Primary Teachers Training Institute (PTI) at Bheripara intersection in Rajshahi city on Friday. The meeting was organised with the aim of implementing the stimulus package announced by Bangladesh Bank to restore momentum in the private sector, and businesspeople, chamber leaders, government officials and bank officials took part in it. The divisional commissioner and deputy commissioner of Rajshahi and officials concerned were present at the meeting, while Muhammad Badiuzzaman Didar, executive director of Bangladesh Bank’s Rajshahi office, presided.
At the event, the governor also highlighted the plan to create young entrepreneurs. He said a scheme named ‘Udyog’ has been planned to put to use in economic activities the enthusiasm, zeal and participation seen among the country’s youth in recent times. Under this programme, a target has been set to create a total of 5,000 young entrepreneurs by selecting 10 entrepreneurs from each upazila of the country. The scheme is currently at the pilot stage and its activities are scheduled to begin from November.
Mostaqur Rahman also spoke about the initiative to ease access to loans in the agriculture sector. He said that under the Tk 10,000 crore refinancing scheme, scope has been kept to use alternative collateral instead of conventional land or immovable property in order to benefit more genuine and marginal farmers.
Besides, the governor mentioned another refinancing scheme of Tk 3,000 crore to energise the agricultural economy of North Bengal. He hopes this financing will play a role in making the entire agricultural value chain, from production of agricultural products to storage, marketing, processing and export to the international market, more effective and dynamic.