Interest Rates Freeze in Bangladesh

Microfinance Regulatory Authority (MRA) will set the cut-off rate for small loans charged by MFIs in an attempt to protect the interest of an estimated three million borrowers. MRA will also provide incentives if MFIs lower interests below the statutory rate, Bangladesh Bank governor Dr. Atiur Rahman said.

"Each MFI will have to comply with the rules and regulations and make their financial disclosure regularly," Rahman said, warning that the central bank will not hesitate to take stern action against delinquent lenders. Chairman of Palli Karma-Sahayak Foundation (PKSF) Qazi Kholiquzzaman Ahmad said the issue will be discussed further before taking final decision in this regard.

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