Dr Muhammad Abdul Mazid, Former Chairman, NBR : 
We have a completely competitive market system. The interest rate is dependent on the ups and downs of demand and supply. In all, if there is no capital in the banks, how would they be able to provide loans? Fixing the interest rates comes way later. On the other hand, it is harmful for a bank if its liquidity is not used properly.
The banks have their own managing board whose decision is needed to bring down the interest rates to a single digit. Decisions have to be made based on the loan portfolios and spreads. The matter of time to initiate single digit loan system appears when it comes to following market policy or rules. In that case the banks or markets will take own decisions.
It will be decided on which rate a customer will be granted a loan considering the overall situation of the banks; I mean their business and other relevant issues. This is all because this is a competitive market. And ascertaining an interest margin is done over the demand of loan and state of supply in the market. If they banks bring changes on a certain date, these impact the previous loan deeds and the deals awaiting sealing.

Based on a translation by Ashiq Rahman, translated by Sayeed Muhammad