April 21, 2024, 9:27 pm

BB hikes interest rate on EDF loans from reserves by 1 pc

  • Update Time : Tuesday, November 8, 2022
  • 140 Time View

Industry Desk: The Bangladesh Bank has raised the interest rate on loans disbursed under the Export Development Fund (EDF) from the reserves by 1%, making the foreign currency borrowing even costlier.

The new rate will come into effect from 13 November, according to a notice issued by the central bank’s Foreign Exchange Policy Division yesterday.

With the rate hike, Authorized Dealers (Ads) will have to pay 2.50% interest to get EDF loans while they will provide such loans to manufacturers and exporters at the interest of 4%.

Generally, the central bank increases the interest rate if it wants to check the money flow in the economy.

 

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