Credit card rates to
follow interest rate cut

With many indulging in a spending spree during this festive season, the island’s banking watchdog- the Central Bank of Sri Lanka (CBSL) urged all commercial banks to reduce interest rates charged on credit cards, in view of its own relaxation of the monetary policy.
However, when The Bottom Line contacted officials of the banks, most of the banks stated that they were already in line with the Central Bank’s directive.
“Although we are still new to the credit card market and we do not have a fully fledged client base, our rates are quite competitive and in the range of 24-26 percent per annum, which we believe is in line with the market expectation,” Chief Executive Officer of DFCC Vardhana Bank, L. G. Perera, told The Bottom Line.

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