Bangladesh Bank hikes key interest rate by 50 basis points

Today, the Bangladesh Bank increased its benchmark interest rate, generally referred to as the policy rate, by 50 basis points to 5.50 percent, increasing the cost of borrowing for banks.

At the central bank's headquarters in Dhaka, Governor Fazle Kabir made the announcement while releasing the Monetary Policy Statement for the upcoming fiscal year.

The rate at which the central bank loans money to commercial banks in the event of a funding gap is known as the repurchase agreement rate.

All the Deputy Governors, Chief Economists and Executive Directors were present at the monetary policy announcement ceremony at the meeting hall of Bangladesh Bank.