It is reported that although the Central Bank of Sri Lanka has reduced interest rates, commercial-grade banks are still charging high loan interest rates.
The Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe, announced that the Monetary Board of the Central Bank of Sri Lanka met on the 31st and lowered the interest rates.
But as of this afternoon, the state banks and major private commercial grade banks in Sri Lanka have not taken steps to lower the loan interest rates.
It is special that the interest rates charged by those banks for personal and home loans are as high as 25%-32%.
I believe this must be against existing term loans where there is an agreement on term loans and investments and not new agreements this may be the reason