Sri Lanka

CB orders banks to cut lending rates at least 2% by Oct.15

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The Central Bank said it ordered all licensed commercial banks (LCBs) to cut lending rates at least by 200 basis points by next month as other policy measures employed by the monetary authority to stimulate economic activity had yielded limited results.The Central Bank has ordered banks to cut their rates on all rupee-denominated loans and advances at least by 200 basis points by October 15 in comparison to the interest rates applicable as at April 30, subject to certain exclusions.

Each licensed bank is also expected to reduce its average weighted prime lending rate (AWPR) by 250 basis points by December 27, compared to its AWPR published by the Central Bank as at April 26.




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Category: Srilanka


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