Dhaka, June 25 -- Bangladesh Bank has lifted the annual limit on the amount of loans banks can extend to individuals to boost consumer spending.

The banking regulator announced the decision on Thursday, saying banks will have no limits on lending to the consumer sector from now on.

The limit had been set in 2017, mandating that the growth rate of consumer loans cannot be higher than that of the bank's total loans.

However, there has been no change in the limit of consumer loans taken at the individual level.

The tenure of consumer loans will not exceed eight years in any case.

Previously, the period was five years.

The tenure of this loan is longer in the housing and home construction sectors.

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