The Central Bank of Sri Lanka (CBSL) amended the maximum interest rates on foreign currency deposits of licensed commercial banks and the National Savings Bank last Friday (11).
Accordingly, issued under Section 10a (1)(a) of the Monetary Law Act No. 58 of 1949, as amended.
The Monetary Board stated that the Monetary Act Law Order was amended considering the recent monetary policy tightening measures, the expected macroeconomic developments, and the prevailing interest rates on foreign currency deposits of licensed banks.
It stated: “The Monetary Board hereby issues an amendment to the Monetary Law Act Order No. 3 of 2021 on the maximum interest rate on foreign currency deposits of licensed commercial banks and the National Savings Bank, removing the existing maximum interest rate limits imposed on foreign currency deposits of licensed commercial banks and the National Savings Bank.”
Further, the statement said that Orders 2 and 3 pertaining to the aforesaid Order have also been deleted.
Maximum interest rates on foreign currency deposits amended
15 Mar 2022
Maximum interest rates on foreign currency deposits amended
15 Mar 2022
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