CB to investigate banks not lowering interest rates: State Minister
Colombo (LNW): Efforts will be made to focus the attention of the Central Bank of Sri Lanka (CBSL) on the commercial banks and non-banking financial institutions that have not yet slashed interest rates as per the circular issued by the CBSL directive to slash interest rates, Finance State Minister Ranjith Siyambalapitiya emphasised.
Speaking in Avissawella, the Finance State Minister acknowledged that commercial banks face challenges due to past high-interest commitments on long-term deposits.
However, he stressed that in light of the Central Bank’s rate reductions, aimed at easing public financial burdens, it is crucial for all banks and financial bodies to swiftly adjust their rates.
He further indicated a rigorous investigation would be launched into institutions not complying with the rate reductions.