Cargills Bank says it is CBSL compliant

With reference to a recent news item on certain banks being non-compliant in adhering to the Monetary Law Act Order No. 02 of 2019 on ‘Enhancing Efficiency of the Transmission of Recent Policy Decisions to Rupee Denominated Market Lending Rates,’ Cargills Bank confirmed that it is in conformance with the above Order, having reduced its A WPR by 386 basis points during this period.

Cargills said the press release issued by the Economic Research Department of the Central Bank of Sri Lanka on 30 December confirmed the same.

As per the stated Order, Licensed Commercial Banks (LCBs) are to reduce their weekly Average Weighted Prime Lending Rate (A WPR) by at least 250 basis points by 27 December, compared to their A WPR published by the Central Bank of Sri Lanka as at 26 April in the Weekly Economic Indicators publication.