Maximum interest rate on Credit Cards reduced: CBSL

COLOMBO (News 1st): The Monetary Board at the Central Bank of Sri Lanka has revised the regulated interest rates of Credit Cards. Thereby, the Monetary Board reduced the maximum interest rate on credit cards to 18% The revised interest rates are as follows:

• The maximum interest rate on Credit Cards: 18.00%
• The maximum interest rate on Pre-arranged Temporary Overdrafts: 16.00%
• The maximum interest rate on Pawning Facilities of gold jewelry: 10.00%
• The penal interest rate over the regular interest rate 2.00 percentage points

Further, the Monetary Board of the Central Bank of Sri Lanka, at its meeting, held on 19 August 2020, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 percent and 5.50 percent, respectively.