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|Nobel Winner Muhammad Yunus Calls for Microcredit Rate Cap|
|Wednesday, 17 March 2010 00:00|
On closing session of a three-day conference Muhammad Yunus said, “Tell us what the interest rate is, because people often say that it's high but don't know what the rate is” About the the micro-credit regulatory authority (MRA), he said, “the basic contribution that should make to the sector is introducing a standardized interest rate” " He said “Many organisations take collateral against loans, some give loans to middle-income people, some even lend money to buy consumer items and say that it is micro-credit."
Touching on the issue of high interest rate, BRAC chairman Sir Fazle Hasan Abed told the audience that in the past MFIs were heavily funded by development partners. Now the scenario has changed and the high interest is charged for sustainability of the micro-financing institutions (MFIs). He also suggested micro-credit regulatory authority (MRA) to consider awarding banking licences to micro-financing institutions.
Atiur Rahman, Bangladesh Bank governor, also the chairman of micro-credit regulatory authority, recommended using profit earned through microcredit for social development to minimise cost of supervision and spelling out the effective interest rate to borrowers and regulation of large MFIs by the central bank came from the conference.
Representatives of 20 countries participated in the conference organized by the MRA at the city's Sonargaon Hotel.
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|Last Updated on Wednesday, 17 March 2010 17:41|