In view of the prevailing economic situation in the country, banks raised their interest rates with the aim of discouraging customers and controlling inflation.

Accordingly, since the inflation has come down, the Central Bank has lowered the bank interest rates twice, but the commercial banks have not acted accordingly. This time, a new circular was issued yesterday, making the new bank interest rate a low, the State Minister said.

According to the lowered bank interest rates, the new mortgage interest rate will be 18%, the bank overdraft interest rate will be 23%, the interest rates for credit cards will be 28%, etc., the Minister said. (Chaturanga Pradeep Samarawickrama)