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Central Bank revises maximum interest rates on foreign currency deposits

The Monetary Board has issued an order on maximum interest rates to be paid in respect of foreign currency deposit products of licensed commercial banks and the National Savings Bank.

Maximum interest rates on FCY deposits

The maximum interest rates that shall be offered or paid by a licensed commercial bank and the National Savings Bank on foreign currency (FCY) deposits are as follows;

(i) with a maturity of less than or equal to one year shall be based on the simple average of the primary market yields of 364-days Treasury Bills determined at auctions held during the last calendar month of the previous quarter less 150 basis points, or 5 percent, whichever is higher and;
(ii) with a maturity of more than one year shall be determined based on the market behavior.

In the case of Special Deposit Accounts in FCY, the additional interest rate that can be offered or paid shall be over and above the interest rate applicable above.

Licensed banks are also instructed to execute USD/LKR swap transactions, subject to a maximum USD interest rate of 10 percent per annum.

These Orders will be effective from today and shall be applicable for new FCY deposits, existing FCY savings deposits, and at the renewal of FCY term deposits.
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