Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Thursday urged the central bank to strengthen its supervision so that the banks can not violate its directive to bring down the lending rate to a single digit.

“We’re expecting proper monitoring and supervision from Bangladesh Bank as to whether banks are complying with its directive for single-digit interest rate on bank loans,” said FBCCI president Shafiul Islam Mohiuddin on Thursday.

He made the call while he was presenting highlights of FBCCI activities in last year and the country’s economic situation at the apex trade body’s AGM held at Bangabandhu International Conference Centre on Thursday.

In view of FBCCI’s plea for lowering interest rate, the Prime Minister directed the central bank to take necessary steps to this end and most of the banks agreed to take initiatives to cut down the interest rate to a single digit, he said.

“In the context of the country’s glorious transition from an LDC to a developing country, the decision for lowering interest rates on loans for investment has encouraged investors as well as the business community,” he also remarked.

About FBCCI’s success, he said the trade body has taken a bold initiative to set up the FBCCI Institute to provide demand-based training to workers to create a bunch of skilled workforce.