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    Legal action can be taken if banks do not reduce interest rates - Central Bank Governor

    July 19, 2014

    The Central Bank of Sri Lanka has the authority to resort to legal action if commercial banks do not further reduce their interest rates in line with the stipulated rates, said the Central Bank Governor Ajith Nivard Cabraal.

    A recent survey conducted by the Central Bank has revealed that commercial banks could further reduce their interest rates. Under this circumstance, the Central Bank had twice requested the commercial banks to reduce their interest rates and several banks had already responded and done so, said the Central Bank Governor. He also pointed out that interest rates could only be reduced to a certain extent so as to maintain a balance between the deposit and lending interests.

    Economic analysts point out that Sri Lanka is prominent as a country with a high bank interest margin.(KH/SI)

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