Business Report: To control inflation, Bangladesh Bank (BB) has raised the policy rate by 0.50 percentage points to 9.50%.
This information was announced in a circular on Tuesday, September 24.
The new policy rate, or repo rate, will take effect from Wednesday, September 25.
The circular stated that due to ongoing contractionary measures, the overnight repo rate has been adjusted from the previous 9% to 9.50%.
This is the second increase in the policy rate since Dr. Ahsan H. Mansur took over as governor.
Previously, the rate was raised from 8.5% to 9%.
During a press conference on September 23, the governor indicated that the policy rate would be increased this week, with further increases expected next month.
Since March of last year, inflation in the country has remained above 9%, prompting the rate hike in line with recommendations from the International Monetary Fund (IMF).