Regulatory Alerts2023-01-02 | Circular No. 1 of 2023Central Bank of Sri Lanka Circular No. 01 of 2023: Bank Rate Adjustment
The Central Bank of Sri Lanka issued Circular No. 01 of 2023 to adjust the Bank Rate effective from the close of business on 02 January 2023. The new rate is calculated by adding a margin of 300 basis points to the latest Average Weighted New Deposit Rate, rounded to the nearest half percentage point. This directive rescinds Circular No. 01 of 2022 and applies to all Licensed Commercial Banks.
ශ්රී ලංකා මහ බැංකුව இலங்கை மத்திய வங ்கி CENTRAL BANK OF SRI LANKA
දේශීය මෙහෙයුම් කටයුතු දෙපාර්තමේන්තුව உள்நாட்டு தொழிற்பாடுகள் திணைக்களம் Domestic Operations Department
Circular No. 01 of 2023
02 January 2023
To: All Licensed Commercial Banks
Central Bank’s Rate of Interest on Advances (Bank Rate)
Licensed Commercial Banks (LCBs) are hereby informed that effective from the close of business on 02 January 2023, the Bank Rate, which is an administratively determined rate that could be used in periods of emergency for the Central Bank to grant extraordinary loans or advances to LCBs, will commensurately be adjusted in line with the latest available Average Weighted New Deposit Rate (AWNDR) published by the Central Bank of Sri Lanka with a margin of +300 basis points, rounded off to the nearest multiple of half a percentage point.
Accordingly, the Circular No. 01 of 2022 dated 03 November 2022 on Central Bank’s Rate of Interest on Advances (Bank Rate) is hereby rescinded.
(Signed) Dr. P A Anil Perera Director/ Domestic Operations
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Level 7, Tower 2 No. 30, Janadhipathi Mawata P.O. Box 590, Colombo 01, Sri Lanka