Central Bank says market interest rates should be reduced
May 28, 2024 02:33 pm
The Central Bank of Sri Lanka (CBSL) states that there is a possibility to further reduce the market interest rates.
The officials of CBSL also mentioned that it is expected that the relevant reductions will be provided to the customers by the country’s financial institutions soon.
Meanwhile, the Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe stated that although the financial institutions have reduced those rates, they have not been reduced to the same extent as the reduction of interest rates of the Central Bank.
Speaking at a press conference today (28), he further stated that the interest rates for newly issued loans should be reduced.
“The changes that need to be made for the loans that have been issued by now will happen soon. We are keeping an eye on that. At the same time, we have seen instances where new loans area issued for higher interest rates. But that shouldn’t happen. We expect that change to happen soon,” he said.
