DHAKA, June 21 (Xinhua) -- Bank companies in Bangladesh have finally reached consensus to bring down lending rate to a single digit against the backdrop of the government's long persuasion to prop up the lackluster private investment.

Bangladesh Association of Banks in a meeting Wednesday decided to bring down lending rate to 9 percent and deposit rate to 6 percent, a central bank official said Thursday.

According to the official, new lending and deposit rates will be effective from July 1.

Bangladesh businesses have long been demanding single digit lending rate. Even Prime Minister Sheikh Hasina on many occasions advocated for lowering the interest rates on bank loans to single-digit.