Single digit interest: Writ petition filed against BB circular

A writ petition was filed on Sunday challenging the legality of a circular issued by Bangladesh Bank setting lending rates on all loans except those on credit cards at 9 percent.

On behalf of apprentice lawyer Barrister Syed Sayedul Haque Suman filed the write petition.

The bench of Justice Tariq ul Hakim and Justice Md Iqbal Kabir Lytton will hear the petition, he said.

Bangladesh Bank issued a circular on Feb 24 announcing that no loan would cost more than 9 percent interest, fixing single-digit interest rate from April 1.

Three people, including the Finance Secretary and Bangladesh Bank Governor were made respondents.

Dhaka/Mahidi/AKA