Banks in Sri Lanka will reduce their credit card interest rates, an official from the 15-member Payment Card Industry Association of Sri Lanka says. “This decision has been taken after the Central Bank of Sri Lanka expressed concern last week that card issuers were not bringing down rates even though there was some margin available,” he says. According to the official, interest rates on credit cards have remained between 33% and 48% since December 2008. “The central bank asked for banks to lower rates to between 24% and 36%,” he adds. “Banks will follow this suggestion and bring down rates to a minimum of 24% to maximum of 36% beginning this January.” Sri Lankan banks issue some 1 million credit cards.
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