Dhaka Chamber of Commerce and Industry yesterday hailed the new monetary statement for the second half of the current fiscal year saying the policy is investment- and economy-friendly.
The chamber, however, emphasised its proper implementation as the country is now facing a number of challenges: limiting inflation rate to 7.5 percent, bringing dynamism to the capital market and ensuring credit flow to the actual productive sectors.
“Bangladesh Bank needs to take all necessary steps to bring back confidence in the banking sector,” the trade body said in statement yesterday.
“If the high interest rates on bank loans are not reduced soon, it will hamper private sector financing and industrialisation.”
Positive aspects of the monetary policy are: increasing private sector credit growth target to 18.5 percent and targeting to increase the loan flow towards SMEs and productive sectors, decreasing growth rate of government borrowing from the banks, the chamber said.
“We hope if these can be implemented, the industry and investment will increase as well as dynamic private sector financing will be possible,” according to the statement.
"This type of initiative will facilitate the way to create a balanced economy."
The chamber feels the new monetary policy can be successful through political stability, limiting government borrowing from the banks and controlling syndicated business.