The Central Bank of Sri Lanka has determined the maximum interest rates for selected types of loans.
Accordingly, the Central Bank states that a maximum interest rate of 18% for mortgage loans provided by commercial-grade banks, a maximum interest rate of 28% for credit cards, and an interest rate of 23% for pre-agreed loan overdrafts should be charged.
In addition, the Central Bank of Sri Lanka states that the maximum interest rate that can be charged for penalty interest is two percent.
The Central Bank of Sri Lanka also mentions that the Monetary Board has decided to decide the maximum interest rates to reduce certain loan interest rates as they are very high.