Clarifying the interest rate issue on the Stand-By- Arrangement facility (SBA) of SDR 1.65 billion (equivalent to US$ 2.6 billion) in 2009,the Central Bank said it has drawn so far US$ 1.7 billion in seven tranches of the loan which is equivalent to 400% of the country's current quota with the IMF.

The amount drawn up to now is lower than 300% of the quota and the applicable interest rate for that amount is 1.1% per year.

However if drawn over 300% , a surcharge of 2% will be added on top of the present interest rate for the credit outstanding above 300%, the Bank said in a statement today.

Read the full statement at:

http://www.cbsl.gov.lk/pics_n_docs/latest_news/press _20120130ea.pdf