CBSL monitoring banks not reducing interest rates

Finance State Minister Ranjith Siyambalapitiya said that the Central Bank is paying close attention to the commercial banks and financial institutions that have not reduced the bank interest rates so far.

Siyambalapitiya said that according to the Circular that was issued by the Central Bank recently reducing the bank interest rates including fixed deposit and lending rates, the Central Bank will be paying close attention to the commercial banks and financial institutions that have not yet reduced the bank interest rates.

State Minister Siyambalapitiya said this while speaking to the media after participating in a programme held in Avissawella on Monday (23).

The State Minister mentioned that although commercial banks also have to undergo some problematic situations when it comes to the payment of interest for the long-term deposits obtained when the bank interest rates were high in the past, however, the public who are currently facing severe oppression are expecting the commercial banks and financial institutions to align, adhere and work according to the bank interest rates issued by the Central Bank.

Since the Central Bank has reduced these bank interest rates especially the lending rates considering the dire situation of the people, it is the Government’s position that all public and private commercial banks as well as financial institutions should comply with the said circular, hence the Government is strict in conducting a direct investigation to ensure reduction of the bank interest rates immediately, State Minister Siyambalapitiya added.

The post CBSL monitoring banks not reducing interest rates appeared first on DailyNews.