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The apex representative body of the garment owners has urged the government to enforce the single-digit lending rate from today (Wednesday) instead of April 01 next.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in a letter, sent to Finance Minister AHM Mustafa Kamal on Tuesday, made the request.
The top management of private commercial banks during a meeting with Finance Minister AHM Mustafa Kamal on Monday agreed to bring down interest rates to 9.0 per cent on all loans barring that on credit cards from April 01 next.
BGMEA president Dr Rubana Huq in the letter said the prime minister has instructed the authority to reduce the interest rate to a single-digit mainly to help cut operational costs, boost investments and achieve competitiveness against the competitors.
The PM's instructions came following the long-cherished demand for the same from the country's all trade bodies including BGMEA, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Textile Mills Association (BTMA), she added.
"The textile and readymade garment (RMG) industry has been facing a 'critical situation' including an increase in its operational costs to sustain," Ms Huq observed.
In such a situation, she said, implementation of the decision about the 9.0 per cent interest rate on bank loans from today (Wednesday) is a must to increase exports, boost investments and reduce business costs.
On behalf of other trade bodies in the sector, the BGMEA president also requested the finance minister for taking necessary measures to instruct commercial banks in this regard.