pre-arranged temporary overdrafts & credit cards

CBSL imposes caps on interest rates on pawning facilities, pre-arranged temporary overdrafts & credit cards

The Monetary Board has decided to impose caps on interest rates on pawning facilities at 18 percent, per annum; on pre-arranged temporary overdrafts at 23 percent, per annum; and on credit cards at 28 percent, per annum, for all licensed banks. Further, the Board was of the view that penal interest rates need to be […]