The country's economy will never return to normal with the questionable single digit interest rates of 9%-6%, said Bangladesh Bank governor Dr. Ahsan H. Mansur.

He made this comment at the “ICC Round Table on Implications of LDC Graduation for Banking Industry: Bangladesh Perspective” program held at a hotel in the capital on Tuesday (January 27).

The governor further said: "Interest rates are currently very high. Bangladesh will graduate from LDC as the need arises, but the single digit rates cannot be imposed again through political pressure."

Dr. Mansur also said that market-based interest rates will be determined. For this, it is important to control inflation. Reducing defaulted loans, restoring depositors' confidence, maintaining foreign exchange stability and strengthening the reserve position—all these are essential for the country's overall economic development.

On the other hand, AKA Azad, vice president of the International Chamber of Commerce Bangladesh, said: “So far, 1.2 million people have become unemployed, private sector debt has decreased, but government debt has increased. It is not possible to bring the financial sector back to normal by implementing a tight monetary policy alone.”