The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) recently organized an event in Dhaka. Speaking on the event, Salman F Rahman, the newly elected Private Industry and Investment Advisor, revealed that reforms for the banking sector of Bangladesh will be declared in the upcoming months.
As per industry experts, it is speculated that these reforms will target the loan defaulters and rising interest rates of the overall industry. “I have already talked with the finance minister on decreasing the lending rate,” said Salman F Rahman. He expressed that the industry has been deeply affected by multiple problems due to which the count of defaulters is on the rise.
Being the investment advisor, Salman further observed that one of the major obstacles to the influx of good investments is the interest rate offered by banks. In order to collectively work towards the development of Bangladesh, it is imperative the lending interest rate offered by banks is under 10%. “We will implement the VAT Act in accordance with the desire of the business community. Accordingly, the interest rate will also come down,” expressed Rahman.
He also talked about the Government of Bangladesh’s strict stance of no tolerance towards corruption. Ever since the government increased the salaries of bureaucrats, Rahman believes that there exists no reason that can justify a future incident of corruption. “You (bureaucrats) should change your mind set for attracting private sector investment,” added Salman F Rahman.
In addition, he emphasized on establishing a favorable development environment for the country. For instance, accessibility of electricity can be substantially enhanced with the reduced involvement of bureaucratic hurdles. On that note, the talks of introducing a dedicated department to resolve power sector issues are already in the pipeline.
All that said, the upcoming banking reforms are expected to establish the conditions required to boost future business and investment prospects in Bangladesh.