BoC to reduce lease, SMI sector interest rates

The Bank of Ceylon has decided to reduce the interest rates for leasing, gold pawning, and small and medium-scale enterprise credit facilities since this week. Bank of Ceylon’s Chief Executive Officer and General Manager Russell Fonseka told the Daily News yesterday (13) that the bank had taken this decision taking into account the benefit of the fund inflows that occurred with the Central Bank’s lowering of the policy interest rates and the reserve requirements on two occasions.

The reduction in interest rates will begin this week and interest charged on leasing will be reduced to 16%, interest on gold mortgage advances to 20%, and interest on SME credit facilities to 17%.

Fonseka further said that the Bank of Ceylon will provide an amount of five billion rupees at low-interest rates on a project basis to empower women and youth entrepreneurship.

He said that especially export-based manufacturing industries will be encouraged, and loans will be offered at low-interest rates based on the project reports of those who are interested in starting new businesses considering the savings of the guarantors.

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