Banks should reduce interest rate
The Indian prime minister has announced to provide duty-free market access to 46 textile items from Bangladesh to the Indian market. It is good news for our country and the textile exporters. This decision will help to increase our exports and decrease the trade gap between Bangladesh and India. At present, banks are charging as high as 16 percent interest for project financing in the textile sector. Now it is high time for our central bank to reduce the interest rate. High interest rate will discourage producers to expand their business. So, Bangladesh Bank should take some measures to lower the interest rate and help the entrepreneurs compete in the Indian market.
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