Business News: The government is aiming to reduce bank lending rates to 7 percent (BLR) as soon as the economy recovers, Trade Minister Bandula Gunawardene said.
Minister made those remarks, while addressing a recent event in Colombo.
“Interest rates have now been lowered. The interest rate was 28 percent during the Yahapalana era. It is unlikely if any country will survive if the interest rate is 20-25 percent. We can not do business with a double-digit interest rate.”
“A single-digit lending interest rate is now available. Once the economy recovers, our main objective is to reduce bank lending rates to 7 percent. Countries like; Singapore, Malaysia, UK, and the US have already begun to implement this single-digit interest rate,” he said.
