Amendment to Maximum Interest Rates on Foreign Currency Deposits of Licensed Commercial Banks and the National Savings Bank

llMarch2022
MONETARY BOARI)
CENTRAL BANK OF SRI LANKA
MONETARY LAW ACT ORDER No.02 of 2022
AMENDMENT TO THE MAXIMUM INTEREST RATES ON FOREIGN CURRENCY DEPOSITS OF LICENSED COMMERCIAL BANKS AND THE NATIONAL SAVINGS BANK Issued under Section 10a(1)(a) of the Monetary Law Act, No. 58 of l94i,as amended. Considering the recent monetary policy tightening measures, the expected macroeconomic developments and the prevailing interest rates on foreign culrency deposits of licensed banks, the Monetary Board hereby issues an amendment to the Monetary Law Act Order No. 03 of 2021 on Maximum Interest Rate on Foreign Currency Deposits of Licensed Commercial Banks and the National Savings Bank, removing the existing maximum interest rate limits imposed on foreign cuffency deposits of licensed commercial banks and the National Savings Bank. Accordingly, Orders 2 and 3 of the cited Order are deleted. A;u ^sJ cJ<- Nivard Ajith Leslie Cabraal Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka