Bank interest rates will come down to single-digit figure: Sagala Ratnayake

President’s Senior Advisor on National Security and Chief of Presidential Staff Sagala Ratnayake has hinted at the potential reduction of bank interest rates.

Speaking at an event held in Colombo for owners of small businesses and those interested in becoming entrepreneurs, Ratnayake explained that bank interest rates will soon be brought down to a single-digit figure, making it easier for them to obtain loans.

“Bank interest rates went up to 34% during our worst period of time. Now it has come down to 16%, 17%, because of Ranil Wickremesinghe’s initiatives. It will reduce to a single-digit figure, and then you’ll will be able to deal with the banks and obtain loans easily to build or expand your businesses”, he said.