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BB cuts farm loan interest rate to 4pc

Published : Tuesday, 28 April, 2020 at 12:00 AM  Count : 322

Bangladesh Bank has lowered the interest rate on agricultural loans to four percent from nine percent and the new rate will last until June 30, 2021.
The central bank will provide the remaining five percent in subsidies to the banks providing the farm loans, according to a circular on Monday.
The circular read, "Every year the central bank provides agricultural and rural loans to attain the Sustainable Development Goals, poverty alleviation and remove hunger from the country. The banks have allotted Tk 241.24 billion for the farmers in the 2019-20 fiscal. The maximum interest rates for these loans are nine percent.
"But to resolve the crisis due to the outbreak of the coronavirus, the interest rate has been lowered to four percent in the grains and crops sector under the stimulus package for the farmers. All farmers are eligible for loans under the stimulus package."    -bdnews24.com






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