Regulatory Alerts2022-03-11 | Monetary Law Act Order No. 02 of 2022Amendment to Maximum Interest Rates on Foreign Currency Deposits of Licensed Commercial Banks and the National Savings Bank
The Monetary Board of the Central Bank of Sri Lanka issued this order to remove maximum interest rate caps on foreign currency deposits for licensed commercial banks and the National Savings Bank. Citing recent monetary policy tightening and prevailing market rates, the directive deletes Orders 2 and 3 of Order No. 03 of 2021 under Section 10a(1)(a) of the Monetary Law Act. Financial institutions may now set deposit rates freely without statutory limits, reflecting expected macroeconomic developments.
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