Business Desk :
The government has allowed state-owned companies to park up to 50 percent of their surplus funds in private banks and non-bank financial institutions.
The finance ministry’s Financial Institutions Division issued a notice on Monday, saying the decision will help commercial banks lower lending rates to a single digit
State-owned companies will receive a maximum interest rate of 6 percent on deposits, according to the notice. On the other hand, the companies will receive 5.5 percent interest rate on deposits in state-owned banks.
The government made the decision as it aims to boost private investment and keep up the pace of economic growth, according to the statement.
The government has allowed state-owned companies to park up to 50 percent of their surplus funds in private banks and non-bank financial institutions.
The finance ministry’s Financial Institutions Division issued a notice on Monday, saying the decision will help commercial banks lower lending rates to a single digit
State-owned companies will receive a maximum interest rate of 6 percent on deposits, according to the notice. On the other hand, the companies will receive 5.5 percent interest rate on deposits in state-owned banks.
The government made the decision as it aims to boost private investment and keep up the pace of economic growth, according to the statement.
