Sep 08, 2019

Loan interest rates to be reduced Featured

The Central Bank of Sri Lanka (CBSL) is reportedly planning to set a limit on the interest rates on loans, just as it has imposed a limit on the interest rate on deposits.

In the recent past interest rates on deposits have been reduced by about 2.5% due to the continuous reduction of policy interest rates by the Central Bank.

But after considering a number of complaints received stating that many banks have not reduced their loan interest rates in comparison,the Central Bank has decided to reduce the interest rates on loans by 2% for loans such ashome loans, vehicle loans and real estate purchases, reports sources in the Finance Ministry.