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Savings certificate interest to remain unchanged

Savings certificate interest to remain unchanged

Finance Minister Abul Maal Abdul Muhith said the government is not going to reduce interest rates on savings certificates before the national election, local media reports said.

However, a high level committee will be formed to adjust the interest rates, the minister also said. The Finance Minister on Tuesday (Aug 7) held a meeting with people concerned on savings certificate interest rates. 

Bangladesh Bank governor, Finance Department secretary Abdur Rauf Talukder, Senior Secretary of Financial Institution Division Yunusur Rahman and Director General of National Savings Directorate (Additional Secretary) Shamsunnahar Begum among others were present at the meeting.

The minister said the interest rates will not be reduced before the next parliamentary election. A decision has been made to form a committee that will submit a report within two months. The recommendations of the committee will be implemented after the election. 

The interest rates of savings certificates were cut for the last time in May, 2015 by an average 2 per cent.