The Central Bank of Sri Lanka (CBSL) has decided to lift the maximum interest rate limit imposed on credit cards.
The CBSL has also removed temporary bank overdrafts and maximum interest rates on mortgage facilities.
Accordingly, interest rates on credit cards, temporary bank overdrafts and mortgage facilities will be determined at the discretion of the commercial banks.
The CBSL Monetary Board met on April 08 and increased the policy interest rate basis by 700 points, leading to the decline of expansion of money and credit, encouragement of recurrence of excess money in circulation to the banking system, elimination of interest rate anomalies, easing of pressure on exchange rates and easing of demand pressures on the economy.
MIAP