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President
Mahinda
Rajapaksa
has
instructed
all
State
banks to
bring
down
their
interest
rates on
loans
granted
to
customers
to a
minimum
of eight
percent
and a
maximum
of 12
percent
with
effect
from
today.
Sri
Lanka's
economic
development
would
accelerate
with the
Central
Bank’s
reduction
of
interest
rates to
a level
of 3-4
percent
and
having
stability
in the
interest
rates.
Earlier,
the
interest
rates
stood
between
15%-22%.
The
lending
will be
mainly
for
housing.
The
State
banks
will
lend to
public
servants
and the
entire
pending
loan
applications
will be
accommodated
and
would be
cleared
by mid
December.
At a
meeting
with
Heads of
banks
yesterday
(27),
the
President
stressed
that
this
decision
was
taken to
encourage
persons
engaged
in small
and
medium
level
enterprises
in the
fields
of
agriculture,
tourism,
industries,
fisheries
etc.
considering
the
current
economic
development
in the
country.
The
reduction
in
interest
rates
will be
applicable
to loans
already
obtained
and
installments
should
be
adjusted
accordingly.
All
loan
applications
submitted
by
public
servants
will be
met
before
10
December.
Surcharges
on
defaulted
installment
will be
suspended.
The
President
also
ordered
the
state
banks to
provide
concessions
on
interest
rates
set on
loans
already
obtained
by
ordinary
citizens.
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