News Desk: The interest rate of the Tk 5,000 crore refinancing fund set up by Bangladesh Bank for pre-shipment loans of export-oriented industries damaged due to coronavirus has been reduced. From now on, the maximum interest at the consumer level under this fund will be 5 percent.

Since the formation of the fund last year, which was 6 percent. And from now on banks will be able to take this fund at 2 percent interest instead of 3 percent. Bangladesh Bank sent the directive to all banks to reduce interest rates on Monday.

The concerned people think that the interest to borrow from this fund will increase as a result of reducing the interest rate at the consumer level.

Earlier on April 22, Bangladesh Bank reduced the maximum interest rate on all types of agricultural loans from 9 percent to 8 percent. It is learned that the decision was taken mainly due to the downward trend in interest rates due to huge surplus funds in the market.

After the onset of coronavirus, on April 13 last year, Bangladesh Bank set up a refinancing fund of Tk 5,000 crore to finance the pre-shipment sector. Customers can take such loans to cover the cost of shipping export goods. Generally, banks can charge 7 percent interest on export loans. However, due to Corona, the fund was set up for pre-shipment loan.

Bangladesh Bank has said in a circular that it has decided to reduce the refinancing interest rate in the pre-shipment credit sector to achieve higher growth in the export sector by ensuring low interest rate loans. At the consumer level, the maximum interest rate will be 5 percent instead of 6 percent. And the banks will get funds from Bangladesh Bank at 2 percent interest instead of 3 percent. It states that this instruction will be effective immediately.