Regulatory Alerts2022-03-11 | Monetary Law Act Order No. 01 of 2022Amendment to the Maximum Interest Rates on Lending Products of Licensed Banks
The Central Bank of Sri Lanka has amended Order No. 02 of 2020 to set new maximum interest rates for licensed commercial and specialized banks, effective 14 March 2022. The revised caps establish a 20 percent annual rate for credit card advances, 18 percent for pre-arranged temporary overdrafts, and 12 percent for gold-collateralized pawning advances covering both new and renewed facilities. Implemented alongside recent monetary policy tightening, these adjustments align bank lending costs with rising market rates to curb domestic demand pressures and support macroeconomic stability.
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