Financial discipline in banking a must: IBFB

Financial discipline in the banking sector should be restored in order to overcome the challenges of budget implementation, the International Business Forum of Bangladesh (IBFB) said yesterday.

The rising non-performing loans are fuelling the cost of doing business and affecting the overall economy, and it is the main bottleneck to bringing down the interest rate to a single digit, it said.

However, the IBFB thanked the finance minister for the six proposals to reform the banking sector and to slash the interest rate.

The officials of the research and advocacy-based business forum made the comments in its post budget press briefing at National Press Club in Dhaka.

“The government needs to go for a massive reform in the banking sector to help the economy to continue to grow,” said Humayun Rashid, president of the IBFB.