It is reported that the Central Bank of Sri Lanka has issued an order specifying the maximum interest rate that can be charged for rupee-based loans.
Accordingly, the interest rate for loans based on Sri Lanka Rupees has changed
In the order issued by the Central Bank, it has been stated that all commercial banks should reduce the interest rates of several credit services to the following minimum rates or below.
- The interest rate for mortgage loans should be reduced to 18% per annum.
- Annual loan interest rate charged for Bank Overdraft (OD) should be brought down to 23%.
- The annual interest rate charged for cash advances through credit cards should be brought down to 28%.