Finance State Minister Dr. Ranjith Siyambalapitiya yesterday said that the Central Bank of Sri Lanka (CBSL) has decided to lower the loan interest rate to 10%. He said that this measure will pave the way for a positive economy.
The State Minister said that the Central Bank of Sri Lanka has lowered its policy interest rates for the fourth time, paving the way for a positive economy in the country.
The State Minister pointed out that the Central Bank has lowered the deposit interest rate to 9% and the loan interest rate to 10%. The minister pointed out that the Central Bank raised interest rates as a measure to discourage purchases when Sri Lanka was sinking into a serious economic abyss and was ranked fifth in the world in terms of the inflation rate. The loan interest rate from 6% was raised to 16% and the 5% deposit interest rate was raised to 15% accordingly.However, today the rate of inflation which was at the level of 70% has come down to 1.3% due to financial policy decisions of the government. As a result, the interest rates have been lowered, the minister further stated.
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