RegAlert2022-04-21 | Monetary Law Act Order No. 03 of 2022Added · Updated
Interest 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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a,\ April2022
MONETARY BOARI)
CENTRAL BANK OF SRI LANKA
MONETARY LAW ACT ORDER No.03 of2022
INTEREST RATES ON LENDING AND DEPOSIT PRODUCTS OF LICENSED BANKS (1) The Central Bank of Sri Lanka (CBSL) having considered the tight monetary policy measures adopted thus far hereby revokes Order 2. 1 of the Monetary Law Act drder No. 02 of 2020dated 21 August 2020 as amended by the Order 2.1 of the Monetary Law Act Order No. 01 of 2022 dated 11 March 2022, effective as follows. (i) Credit card advances, cofllmencing from the next billing cycle. (ii) A11 new pre-alranged temporary overdrafts and existing pre-alranged temporary overdrafts that are renewed/extended. (iii) All new pawning advances and existing pawning advances that are renewed. (2) Licensed banks shall adjust the deposit rates adequately, in line with the tight monetary policy measures adopted by CBSL, to attract deposits into the banking system. Mrs.TMJYPFernando Senior Deputy Governor Central Bank of Sri Lanka
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Lineage: In force
Timeline
This document supersedes: Amendment to the Maximum Interest Rates on Lending Products of Licensed Banks, Maximum Interest Rates on Lending Products of Licensed Banks
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Source: Central Bank of Sri Lanka — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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CBSL published 2 documents in the last 30 days. We email you each new one the day it's published.