Central Bank tells commercial banks to lower loan interest rates

The Central Bank has informed all commercial banks to take immediate action to lower the bank loan interest rates immediately, in accordance to the decision taken by the Central Bank of Sri Lanka to lower the policy interest rates.

The Central Bank of Sri Lanka Governor Dr.Nandalal Weerasinghe has informed about this and the Chairman of the Sri Lanka Bank’s Association has also been informed in this regard.

The Monetary Board of the Central Bank of Sri Lanka, which met on the July 5, decided to reduce its Standing Deposit Facility Rate (SDFR) to 11% and its Standing Lending Facility Rate (SLFR) to 12 % and basis points by 200 (2%).

Central Bank Governor Dr. Nandalal Weerasinghe emphasized that according to that decision, the banking and financial system should also give its advantages to the customers.

The Governor also said that if the central bank is delayed in acting according to the decision taken, administrative decisions will have to be taken in this regard.