A number of commercial banks in Sri Lanka have raised the interest rates they charge on credit cards on an annual basis.
The banks say that the interest rate on credit cards has gone up to 36 percent per year.
On April 8, the Central Bank’s Monetary Board decided to stop putting limits on the interest rates that credit cards could offer.
After that, the interest rates went from 18 percent to 24 percent, then 30 percent, and are now up to 36 percent, which is another increase.
