Regulatory Alerts2022-04-21 | Monetary Law Act Order No. 03 of 2022Interest Rates on Lending and Deposit Products of Licensed Banks
The Central Bank of Sri Lanka issued Monetary Law Act Order No. 03 of 2022 to lift interest rate caps on credit card advances, pre-arranged temporary overdrafts, and pawning advances for licensed banks. The directive mandates that these financial institutions adjust deposit rates in alignment with the central bank's tight monetary policy to effectively attract deposits into the banking system. These regulatory changes take effect immediately for new and renewed products, commencing with the next billing cycle for credit cards.
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