ESSENTIALS IMPORT12pc interest max on LCs: pvt banks

Dhaka, June 18 (bdnews24.com) ? Private banks have decided they will not charge more than 12 percent interest rate on letters of credit (LC) for essential items' import.

Depositors' interests would not be higher than 12 percent either, a meeting of bank entrepreneurs' organization Bangladesh Association of Banks (BAB) and private bank chiefs' organisation Association of Bankers Bangladesh (ABB) on Saturday decided.

The decisions will be effective from Sunday.

The meeting also decided to take punitive measures against any bank who violated this decision.

At a meeting with prime minister Sheikh Hasina on Thursday, leaders of BAB had assured her food grain import loans would not be charged than 12 percent interest.

They had also said depositors' interests would not be higher than 12 percent.

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