Finance Minister AMA Muhith yesterday said it is difficult to bring down the lending rate of banks to single-digit overnight.
Muhith made the comment after a meeting of the cabinet committee on purchase when reporters raised questions about banks' foot-dragging over cutting the lending rate.
He said the rate of interest can't be brought down to single-digit overnight. The Bangladesh Bank is looking into the matter. On June 20, an announcement was made after two separate meetings to lower the interest rate of private and public banks from July 1.
Muhith held meetings with state-owned commercial banks. The Bangladesh Association of Banks, which representsthe owners of private banks,sat in another meeting.