Interest rates for credit cards lowered

Several commercial banks in Sri Lanka have decided to lower the interest rates for credit cards. Accordingly, banks have informed their customers that the annual interest rate of 36 per cent for credit cards will be lowered to 34 per cent. The banks further state that this credit card interest rate revision will be effective from July 1.

Meanwhile, the Central Bank of Sri Lanka points out that as at the end of April 2023, the number of active credit cards in use in the country stood at 1,929,984. This is a decrease of 23,007 cards from the 1,952,991 cards at the end of December 2022.