The new decision -- a maximum 9 percent interest rate on all loan products except credit cards -- will come into effect on April 1.

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), the apex trade body of the country, welcomed the move taken by the Bangladesh Bank.

Speaking at the inauguration ceremony of the 28th Chattogram International Trade Fair (CITF), Sheikh Fahim said the FBCCI had long been advocating for the single-digit lending rate for the betterment of businesses in the country to help the domestic economy and investment boom.

He again thanked Prime Minister Sheikh Hasina and Finance Minister AHM Mustafa Kamal for the decision that the businesses think would create an environment bringing more investment.

Thursday’s inauguration was held in Chattogram’s Polo Ground. Commerce Minister Tipu Munshi inaugurated the annual event as the chief guest while Sheikh Fahim was a special guest. Chittagong Chamber of Commerce and Industry (CCCI) has organised the month-long fair where about 400 business organisations are taking part. This year‘s partner country of the fair is Thailand.

To get the maximum result in a sustainable way under the new lending rate, the FBCCI chief said the Finance Ministry and other stakeholders should now work for a model that would help both the businesses, especially the SMEs, and the banking sector exploit the benefit.

He has been stressing that the new lending rate would be a win-win proposition.

Focusing on the possible impacts of coronavirus, Sheikh Fahim told the event that the FBCCI, and commerce and finance ministries were working together so that any overdue payment was not penalised because of the sudden situation stemming from the deadly outbreak worldwide. About 81 countries and territories have been affected by the virus that originated in China’s Wuhan, killing more than 3,000 people and infecting about 95,000 people globally.

“The PMO (Prime Minister’s Office) is aware of the situation. We’re working together and I’m sure the businesses will get relief on case-to-case basis,” Fahim said.  

He also focused on the need for proper market watch and better supply chain management at the Khatunganj wholesale market in Chattogram during upcoming Ramadan so that the prices of essential commodities do not skyrocket.  

The FBCCI boss said Chittagong Chamber of Commerce and Industry (CCCI) has a vital role to play in ensuring the supply chain management at Khatunganj, which is one of the largest wholesale markets for essential commodities and spanned over a huge area across the Chaktai canal and Karnaphuli river in Chattogram.

He also said throughout the celebration of the birth centenary Bangabandhu Sheikh Mujibur Rahman, the FBCCI would organise or join many events at home and abroad.

The opening of the CITF was also attended by CITF Chair Mahbubul Alam, Deputy Minister for Education Mohibul Hassan Chowdhoury and former CCCI President M A Latif, MP.