Maximum interest rate on credit cards reduced

The Central Bank of Sri Lanka (CBSL) has revised the regulated interest rates for Credit Cards, Pre-arranged Temporary Overdrafts, Pawning Facilities and Penal interest rate over the regular interest rate.

Considering bank lending rates of certain financial products which continue to remain high, the Board decided to revise downward the caps on interest rates on credit cards to 18% per annum, on pre-arranged temporary overdrafts to 16% per annum and on pawning facilities to 10%per annum.

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