🚨 Fix Interest Rate Loan Rates & Unchecked Banks of Sri Lanka 🇱🇰

⭕ During the economic crisis, Sri Lankan banks made an unprecedented move: they raised the interest rates on already obtained "fixed interest rate" citing dire economic conditions and a sudden increase in CBSL policy rates.

⭕ People thought banks couldn’t raise these rates, loans are called fixed rate loans after all, but in the fine print of those loan documents, banks had included a clause allowing them to unilaterally increase rates. So, despite the protests, they raised the rates.

⭕ Fast forward two years, the Standard Lending Facility Rate for banks is back at 9.25%, with the Statutory Reserve Ratio (SRR) at 2%. There is no reason for banks to continue charging these inflated interest rates.

Yet,

⭕ These banks are still charging customers who obtained loans at 8%-9% interest rates between 11%-13%, which is, by any metric, absolutely unfair.

⭕ The government, President @anuradisanayake as finance minister, through @CBSL, must issue an immediate directive for banks to restore loan rates to the original terms set when the loans were first obtained.

📞 If you're paying a 'fixed-interest rate' loan, take a moment to review the current rate set by your bank and reach out directly. Ask, 'Why am I being charged more than the original rate?"

#SriLanka #Banks #LoanRates