Interest rate in money market yesterday reached 30 percent as a large number of clients thronged banks to withdraw cash ahead of the Eid-ul-Azha.
Most banks were forced to borrow from the money market to tackle the increased demand for cash. The commercial banks go on a five-day holiday from tomorrow.
Interest rate in the call money market last week was around 20 percent. The bankers predicted call money rate will go up further today, the last working day of banks before the vacation.
Long queues were seen in almost all branches of banks, both government and private ones, in the capital yesterday.
Many clients had to wait up to two hours in the queues to withdraw money. Many branches were compelled to continue transaction beyond regular hours.
Motijheel branch of a foreign bank saw a long queue at noon, which is unusual on other days.
An official of Sonali Bank said, "Usually per day withdrawal of money by clients at his Motijheel branch stands at Tk 30 crore to Tk 35 crore. "But clients withdrew about Tk 75 crore yesterday from his branch," he said.
