With the reduction of interest rates in line with the reduction in policy interest rates, commercial and state banks must grant concessions to their customers. The Central Bank (CB) has the direct responsibility of regulating it, State Minister of Finance Ranjith Siyambalapitiya said.
Addressing the media, he thanked the CB governor and its officials for taking immediate measures.
If commercial and state banks do not pass on the concessions to their customers, the CB said they were ready to implement a special direct regulation of the banking system.
The State Minister also assured that the CB’s decision should be implemented without any doubts.
‘With the higher interest rates of the commercial and state banks, many ordinary people and small and medium entrepreneurs faced many difficulties. Due to this, the economic activity in the country had come to a halt.
The Central Bank on Thursday (6) reduced policy interest rates by 2 percent after reducing them by 2.5 percent in June. Now the policy interest rates remain at 11 percent for deposits and 12 percent for lending.
source daily mirror
