The Central Bank of Sri Lanka (CBSL) has decided to pay close attention to the commercial banks and financial institutions that have not yet reduced bank interest rates, State Minister of Finance Ranjith Siyambalapitiya said.

While addressing an event in Avissawella yesterday, he said the decision was taken according to the circular issued by the Central Bank (CB) over reducing bank interest rates.

“Even though the commercial banks had to face some problematic situations in the payment of interest for the long-term deposits obtained when the bank interest rates were high in the past, the people who are under severe pressure expect the commercial banks to work according to the bank interest rates issued by the Central Bank,” the State Minister said.

However, the Central Bank reduced these bank interest rates, considering the dire situation of the people.

Since it is the government’s position that all public and private commercial banks as well as financial institutions should work in accordance with the circular, they will immediately conduct a strict and direct investigation to reduce the interest rates of those banks, the minister added.

-daily mirror

Sri Lanka Central Bank