Regulatory Alerts2021-08-24 | Monetary Law Act Order No. 02 of 2021Maximum Interest Rates on Foreign Currency Deposits of Licensed Commercial Banks and National Savings Bank
The Monetary Board of the Central Bank of Sri Lanka has issued an order capping the maximum interest rates on foreign currency deposits offered by licensed commercial banks and the National Savings Bank at 5 percent Annual Effective Rate. Licensed institutions must calculate Special Deposit Accounts over and above this baseline rate, submit weekly interest rate returns, and clearly display offered rates to customers. The order takes immediate effect and applies to new foreign currency deposits, existing savings accounts, and renewed term deposits.
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