The Central Bank yesterday said it has removed the deposit rate cap imposed on banks as the lending rate caps have been announced.  

Consequent to the issuance of the Directions to the licensed banks by the Central Bank of Sri Lanka on Enhancing Efficiency of the Transmission of Recent Policy Decisions to Market Lending Rates, where licensed banks are required to reduce its rupee denominated market lending rates, the Monetary Board has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September, the short statement from the Central Bank said. 

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