Inflation ( CCPI)4.0% (Aug 2023)
GDP-3.1% (2Q 2023)
Unemployment4.8% (4Q 2022)
3M T-Bill Rate18.12%
12M T-Bill Rate13.32%
2Y T-Bond Rate14.60%/ 15.00%
4Y T-Bond Rate14.50% / 14.90%
USD/LKR322/323
Reserves $3.60Bn (Aug 2023)
Cum. Trade Deficit $2,623 Mn (July 2023 cumulative)
Cum. Fiscal DeficitLKR 1,243 Bn (June 2023)

CBSL to impose interest rate caps on banking products

Interest RatesAug 24, 2023
CBSL to impose interest rate caps on banking products

In the bid to reduce the time lag of adjusting the interest rate structure for banking products, CBSL has proposed a substantial reduction of interest rates for selected banking products. Despite the interest rate of treasury products are being adjusted it has taken undue time to adjust the interest rate for banking products.

CBSL seems to be keen on normalizing the misaligning of interest rates of banking products before the next monetary easing.

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