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National Finance Supervisory Commission proposes lower interest rate

May 3rd at 14:30
03-05-2013 14:30:53+07:00

National Finance Supervisory Commission proposes lower interest rate

In a report to the government, the National Financial Supervisory Commission has proposed further lowering of the interest rate to 9-10 percent, to help businesses get back on track in the prevailing economic conditions.

According to the Commission, production is continuing to face many difficulties, input costs are high, consumption is slow and businesses are burdened with high inventory.

To ease the situation, drastic measures must be put in place to curb inflation to 6-6.5 percent and achieve Gross Domestic Product growth rate of 5.5 percent this year.

Monetary policies should be made to tackle and resolve bad debts and offer preferential interest rate packages to the construction and real estate sector.

Financial policy should hasten capital disbursement for investment and development projects, especially for projects scheduled to complete by this year.

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