Seylan Bank has reduced its lending rates ranging from 0.5% to 1% per annum with effect from 1 November.
The Bank has been continuously reducing its rates this year while the move is also in response to the recent decision of the Central Bank to reduce its Repo rate by 50 basis points to 7% and Reverse Repo rate by 100 basis points to 8.5%.
Seylan Bank director, general manager and CEO Mrs. Rohini Nanayakkara said yesterday (22 October) that the bank's interest rate reductions have been targeted at the vital sectors of the economy and will immensely benefit the SMEs, agriculture and export sectors in particular.
"Our decision will augment the Government's efforts to portray the growing importance of Sri Lanka as a South Asian commercial hub, due to the very positive business climate that now prevails," she added.
