DCCI chief said to develop capital market, cooperation and coordination between Bangladesh Bank, Bangladesh Securities & Exchange Commission, stock exchanges and Insurance Development Authority are needed.
DCCI President Abul Kasem Khan said it to Bangladesh Bank Governor Fazle Kabir when the former met him at the latter’s office on Thursday.
Kasem led the Dhaka Chamber of Commerce & Industry (DCCI) delegation that met the central bank’s chief.
He said private sector credit growth is aimed at 16.8 per cent in the current monetary policy compared to 16.3 per cent in the last monetary policy.
“To achieve this target, the cost of credit must be maintained at single digit,”’ added the DCCI President, according to a press release.
He also proposed to give special focus on Small and Medium Enterprise (SME) and provide security free single digit interest loans for empowering SMEs businesses, added the release.
Moreover, Kasem proposed to develop a National Infrastructure Development Monitoring Advisory Authority (NIDMAA) Bond/Fund to arrange financing in infrastructure development from local and foreign sources.
The DCCI President said the overall non-performing loan (NPL) is at alarming state and stood at Tk. 803.07 billion in September 2017.
‘All commercial banks should take proper measures to recover their defaulted loans as soon as possible”’ he urged.
From January 2003 to March 2017 banks’ wrote off loans of Tk. 444.12 billion.
Kasem also proposed to make Alternative Dispute Resolution (ADR) mandatory to reduce the huge piled up cases of financial sector.
He said to raise investment to GDP ratio by one per cent, which means injecting money close to Tk. 200 billon into the economy.
“This extra money can be collected through capital market, bond market and through various funds”’ he said.
DCCI Senior Vice President Kamrul Islam, FCA, Vice President Riyadh Hossain, Directors Engr. Akber Hakim, Hossain A Sikder, Humayun Rashid, KMN Monjurul Hoque, Nuher L. Khan, Salim Akhter Khan, Waqar Ahmad Chowdhury and Secretary General AHM rezaul Kabir were present during the meeting.