Regulatory Alerts2014-03-31 | Finance Business Act Direction No. 1 of 2014Added · Updated
Finance Companies (Interest Rates) Direction No. 1 of 2014
The Monetary Board of the Central Bank of Sri Lanka issued Direction No. 1 of 2014 to regulate the maximum interest rates payable by licensed finance companies on various financial instruments. The directive establishes caps for time deposits, savings deposits, non-transferable certificates of deposit, and debt instruments by setting limits relative to quarterly weighted average yields of Treasury Bills, with specific provisions for senior citizens. It also mandates the monthly reporting of applied rates and revokes the previous Finance Companies (Interest Rates) Direction No. 05 of 2013.
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