'Single-digit interest rate not possible overnight'

Finance Minister Abul Maal Abdul Muhith has said that ensuring single-digit interest rate is very difficult in a short time for banks.

The minister made the remarks while replying to a query of reporters about implementation of single digit interest rate after a meeting at the Secretariat on Wednesday.

“They (all banks) have not brought down the rate till now. However, it is very much difficult," he said, report news agencies.

“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,” Muhith added.

The finance minister said he already directed the Bangladesh Bank authorities to take steps on this matter.