Interest rates to drop 2 pc after Avurudu season | Daily News

Interest rates to drop 2 pc after Avurudu season

The government has decided to lower the interest rates on bank loans after the Sinhala and Tamil New Year season, Economic Reforms and Public Distribution Minister Dr. Harsha De Silva said.

Minister De Silva said the decision will remove many difficulties faced by small-scale and medium-scale entrepreneurs when applying loans.

The government has taken this decision considering the committee report appointed by Prime Minister Ranil Wickremesinghe to look into financial issues faced by small and medium-scale entrepreneurs. The committee consisted of officers of the Central Bank of Sri Lanka and private as well as state banks.

Minister De Silva also said that the government has identified remedies for issues relating to several types of interest rates.

The Minister was speaking at a press briefing in Colombo yesterday.

“Many small-scale and medium-scale entrepreneurs have presented their grievances in relation to high interest rates on bank loans. So the Prime Minister appointed a committee to look into this matter. The head of the Monetary Board, Nihal Fonseka headed this committee. They discussed this issue in length for a week and produced the report yesterday. In the coming week, we are hoping to lower the interest rates in the country by a significant percentage of two percent.” Minister De Silva said.

The committee has recommended reconsidering the interest rates paid on savings as well, he said.

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