Bank's new deposit rate continue to increase while CBSL request to avoid competition for deposits

The average new deposit rate of the banks reached an all-time high of 23.22% - 23.61% in October, which is an increase little over 1%. But during the same period, the T-Bill rates (364Days) fell marginally. This prompted CBSL to warn banks to avoid competition for FDs.

But on the other hand, the 364Days T-bill rate at 29.60%, generating a 6.50% negative return for FDs over T-bills.