Regulatory Alerts2022-06-08 | Monetary Law Act Order No. 04 of 2022Maximum 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 Order No 04 of 2022 to set maximum interest rates on foreign currency deposits for licensed commercial banks and the National Savings Bank. This directive revokes Order No 03 of 2021, retaining only its seventh provision, and operates under Section 104(1)(a) of the Monetary Law Act. The updated caps directly regulate deposit yields to maintain competitive banking conditions while enforcing strict monetary controls.
MONETARY BOARD CENTRAL BANK OF SRI LANKA
8 June 2022 | MONETARY LAW ACT ORDER | No. 04 of 2022
MAXIMUM INTEREST RATES ON FOREIGN CURRENCY DEPOSITS OF LICENSED COMMERCIAL BANKS AND THE NATIONAL SAVINGS BANK
Issued under Section 104(1)(a) of the Monetary Law Act, No. 58 of 1949, as amended.
Monetary Law Act Order No. 03 of 2021 dated 30 December 2021 on Maximum Interest Rates on Foreign Currency Deposits of Licensed Commercial Banks and the National Savings Bank except Order 7 is hereby revoked.
(Signature)
Dr. P Nandalal Weerasinghe Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka