Maximum interest rate for credit cards reduced

The Central Bank of Sri Lanka (CBSL) has revised the regulated interest rates for credit cards.

The CBSL also revised regulated interest rates for pre-arranged temporary overdrafts, pawning facilities, and the penal interest rate over the regular interest rate.

As per the revised regulated interest rate, the maximum interest rate on credit cards is 18% and on pre-arranged temporary overdrafts 16%.

The maximum interest rate on pawning facilities is 10%, while penal interest rate over the regular interest rate is 02% points.

The regulated interest rates were revised during a meeting of the Monetary Board of the CBSL yesterday (19). (Colombo Gazette)

 

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