Interest rate ceiling likely for foreign currency deposits

By Ishara Gamage | Published: 2:00 AM May 13 2021

By Ishara Gamage 

The Sri Lankan Bankers' Association (SLBA) has requested the Central Bank of Sri Lanka (CBSL) to impose 5.5 per cent interest rate ceiling for foreign currency deposits in Commercial banks, a SLBA spokesman told Ceylon FT.

Banks with some dollar liquidity problems have recently offered interest rates in excess of seven per cent. This is a big disadvantage for banks with high liquidity. He said that CEOs of the commercial banks requested the CBSL to issue relevant direction to all commercial banks to alleviate this situation and provide equal opportunities to all.

By Ishara Gamage | Published: 2:00 AM May 13 2021

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