Vol. 4 Num 218 Mon. January 05, 2004  

Khosru for interest rate cut in banks
EXIM MasterCard Credit Card launched

Commerce Minister Amir Khosru Mahmud Chowdhury has suggested interest rate cut and product diversification in commercial banks.

"I think cutting interest rate will not hit the banks' income because people will take more loans if interest rates are reduced and the banks' earnings will go up," he said speaking at the launching of EXIM MasterCard Credit Card at Sonargaon Hotel in Dhaka on Saturday.

The minister said the banks should take steps to diversify their products. He praised introduction of credit card by Export Import Bank of Bangladesh Ltd (EXIM Bank).

The directors should not interfere in the day-to-day activities of commercial banks rather they should allow the executives to run the institutions professionally, Khosru said.

Bangladesh Garment Manufacturers & Exporters' Association (BGMEA) President Quazi Moniruzzaman, Prime Bank Ltd Chairman Mizanur Rahman Bhuiyan and Managing Director of EXIM Bank M Lakiotullah also spoke at the function.

The BGMEA president said garment exporters had long been demanding a specialised bank for the sector. "As EXIM Bank is providing services according to their needs, they no longer need any specialised bank," he added.

The EXIM Bank managing director said the bank contributed about Tk 52 crore to the state coffer over the last four and a half years.

Presently, the bank has some 6,500 clients and the credit card service will initially be provided to select number of customers. The bank will extend the service to other clients in phases.

Prime Bank is extending technical support to the EXIM Bank for the credit card service.