The Ceylon Chamber of Commerces Import Section is lobbying with fiscal authorities to ensure commercial banks reduce their lending rates in line with Central Banks recent rate cut.
The Treasury and the CentralBank in its persistent efforts to reduce lending rates to the Business Sector, has on many occasions during the last year reduced theReserve Requirement, REPO rates, Reverse REPO rates and Treasury Bill rates, notes the chamber in a release on Tuesday.
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rnTreasury Bill rates have now been brought down to single digit figures with an average of 8.9 percent at last weeks auction.
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rnThe Import Section has taken up this matter with the Treasury Secretary and the Central Bank Governor on commercial banks reluctance to lower lending rates.rn
rnldblquote Commercial banks still continue to charge an average of 18 percent on their lending rates, paying their depositors only 4 percent to 6 percent on saving accounts.rn
rnThe CCC is drawing attention to the universal index of assessing the profit