Several commercial banks in Sri Lanka have increased the interest rates charged on credit cards. Accordingly, several banks have announced a 30% interest rate on credit cards.
The Monetary Board of the Central Bank of Sri Lanka decided on April 08 to remove the maximum interest rate caps imposed on credit cards.
Following that decision, credit card interest rates have risen from 18% to 24% and have since risen to 30%.
Meanwhile, according to the latest reports from the Central Bank of Sri Lanka, the number of active credit cards in the country stood at 1,973,481 at the end of April this year. The total amount due for these credit cards by the end of April 2022 is Rs. 138,192 million.
During the first four months of 2022, the number of active credit cards in the country increased by 46,286 and the total amount of credit cards outstanding was Rs. 4,907 million.
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