Regulatory Alerts2024-04-10 | Gazette No. 2380/01Maximum Interest Rates on Rupee Denominated Lending Products
The Central Bank of Sri Lanka has immediately rescinded its August 2023 order governing maximum interest rates on rupee-denominated lending products. This regulatory update responds to recent monetary policy easing, granting licensed banks greater flexibility to lower their lending rates. The rescinded order previously capped interest rates across various loan categories, and its removal establishes a new pricing baseline for domestic credit.
w;s úfYI wxl 2380$01 - 2024 wfm%a,a ui 15 jeks i÷od - 2024.04.15 No. 2380/01 - monday, april 15, 2024 EXTRAORDINARY Y%S ,xld m%cd;dka;%sl iudcjd§ ckrcfha .eiÜ m;%h The Gazette of the Democratic Socialist Republic of Sri Lanka (Published by Authority) PART I : SECTION (I) — GENERAL Central Bank of Sri Lanka Notices 1A- G 41759 - 24 (04/2024) This Gazette Extraordinary can be downloaded from www.documents.gov.lk central bank of sri lanka act, no. 16 of 2023 ORDER made under Section 106(1) of the Central Bank of Sri Lanka Act, No. 16 of 2023. Dr. P. Nandalal Weerasinghe, Chairman of the Monetary Policy Board and Governor of the Central Bank of Sri Lanka. Central Bank of Sri Lanka, Colombo, 10th April, 2024. Maximum Interest Rates on Rupee Denominated Lending Products Monetary Law Act Order No. 01 of 2023 dated 25th August 2023 on Maximum Interest Rates on Rupee Denominated Lending Products is hereby rescinded with immediate effect. The aforesaid Order is rescinded considering the notable easing of monetary policy and monetary conditions that has provided space for licensed banks to reduce the lending rates further. EOG 04 - 0124 PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA.