Monetary Board has decided to withdraw the order issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits with effect from 24 September 2019. Earlier Interest rates on Savings and other deposits with tenures less than 3 months offered by licensed banks and NBFIs was linked to the Standing Deposit Facility Rate (SDFR) whilst longer tenures was linked to the 364 day Treasury bill rate. Central Bank was expecting the lending rates to reduce by around 200 basis points to SMEs.
Monetary authorities lifted maximum interest rates restriction on deposits
Interest RatesSep 26, 2019