Businesses are worried over the interest rate of bank loans reaching double digits as it will increase the cost of doing business and subsequently affect profitability, the country’s business leaders stated yesterday.

The interest rate on loans is going to surpass 13 percent from March despite lowering the margin as the benchmark interest rate has been increasing consistently since its introduction.

Bangladesh Bank is unlikely to lift the interest rate cap on bank loans anytime soon, BB Governor Abdur Rouf Talukder said today.

The long-promised single-digit interest rate is now seeming more and more likely as the banks yesterday agreed to provide not more than 6 percent for savings from February 1 as part of their preparation to usher in 9 percent lending rate from April.

Banking stocks took a punch yesterday as investors reacted violently with the government move to fix the interest rates for lending and savings at 9 percent and 6 percent respectively, effectively clipping the lenders’ ability to log in profits.