Several commercial banks in Sri Lanka have increased the annual interest rate offered for credit cards.
The banks state that the annual interest rate offered for credit cards has been increased to 36%.
On 08th April, the Monetary Board of the Central Bank decided to remove the limitations imposed on the interest rates offered for credit cards.
Thereafter, the interest rates were increased from the existing 18% to 24%, then 30%, and have now been increased once again to 36%.