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Nov 03, 2010 (LBO) - Sri Lanka's Commercial Bank of Ceylon has announced an immediate reduction in the interest rate applicable on all credit cards issued by the bank, a statement said. This reduction is in line with the trend of reducing lending rates, and is even less than the 24 percent rate requested by the Central Bank from the credit card issuing banks," it said.
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The interest rate on outstanding balances on the bank's cards has been reduced to 22 percent a year from 35 percent or to 1.83 percent a month with effect from November 01, 2010, it said.
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