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Tuesday, December 15, 2009 - 4.30 GMT

Credit card interest rates can be reduced - CB

 
The Central Bank has noted that currently there is adequate leeway for the licensed banks to reduce interest rates levied on credit cards since the interest rates structure has moved down due to the relaxation of the monetary policy.

The Central Bank has observed with concern that interest rates charged by licensed banks on credit cards have remained unchanged in the range of 33 per cent to 48 per cent since December 2008.

Accordingly, banks have been requested to reduce the interest rates levied on credit cards to at least a level between 24 per cent and 36 per cent.




 


 

 
 
   
   
   
   
   

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Last modified: December 15, 2009.

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