Business unprofitable with such high interest rates: business leaders in dialogue
Business Desk
Recognising the challenges posed by high interest rates and the fuel crisis, a dialogue attended by leading businessmen questioned, "Who is going to bell the cat?"
In a discussion titled 'Dialogue for Democratic Reconstruction: On Economic Policy’ held in Dhaka on Saturday, businessmen expressed concerns about the effectiveness of raising interest rates to tackle inflation.
They highlighted the simultaneous gas crisis and rising production costs, stating that life is becoming increasingly difficult.
The dialogue, organised by the Centre for Governance Studies, or CGS, at the Bangladesh Institute of International and Strategic Studies, featured Anwar-Ul-Alam Chowdhury Parvez, president of the Bangladesh Chamber of Industries, or BCI.
He said, “No one feels comfortable right now. I am pulling back from my current position. Inflation is one reason. Production costs are rising. There is no gas supply, leading to disruptions in production.
“On top of that, the interest rates are constantly increasing. With this level of uncertainty, no one will be willing to invest in business,” he added.
Parvez pointed out that many are looking for an exit strategy, stressing “Confidence needs to be bolstered. Everyone requires protection.”
Rejecting the notion that businesspeople benefited from the previous government, Parvez said, “It’s being said that everyone took benefits on a massive scale. I didn’t take any benefits, and 99 percent didn’t either.”
