More than 1.9 million credit card holders are suffering due to the Central Bank of Sri Lanka (CBSL) and the Ministry of Finance remaining silent on the issue of commercial banks charging interest rates of more than 28% on credit cards.
Last week, CBSL decided to maintain its policy interest rate at 8%.
Commercial banks and financial institutions sometimes pay interest rates as low as 6% – 7% on bank deposits.
Despite this, consumer organizations say that allowing credit card interest rates to soar more than 28% will have a negative effect as it erodes public confidence for the government’s digitalization program.
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