The Central Bank of Sri Lanka has issued directives to licensed banks pertaining to debt instruments and savings deposits.
Accordingly, the directive to impose an upper limit over interest on Credit card advances, pre-arranged temporary overdrafts and pawning advances issued on the 21st of August 2021 will be abolished.
The Central Bank said the new interest on credit cards can be known from the next billing cycle.
The Central Bank also directed licensed banks to adjust the deposit rates adequately so as to attract deposits into the banking system.
