April 27, 2020 / 2:36 PM / a month ago

BRIEF-Central Bank Of Sri Lanka Imposes Maximum Interest Rates On Pawning Advances Of Licensed Banks

April 27 (Reuters) -

* CENTRAL BANK OF SRI LANKA SAYS IMPOSES MAXIMUM INTEREST RATES ON PAWNING ADVANCES OF LICENSED BANKS

* CENTRAL BANK OF SRI LANKA CURRENT INTEREST RATES CHARGED BY LICENSED BANKS ON PAWNING ADVANCES RANGE FROM 12% - 17.5% PER ANNUM

* CBSL- PERSONAL ARTICLES MADE OF GOLD ACCEPTED AS A PLEDGE FOR PAWNING TO BE 12% PER ANNUM OR 1% PER MONTH IF PAWNING PERIOD IS LESS THAN ONE YEAR

* CBSL- MAXIMUM INTEREST RATE WILL BE APPLICABLE FOR ALL NEW PAWNING ADVANCES, EXISTING PAWNING FACILITIES THAT BECOME DUE FOR RENEWAL

* CBSL- DECISION COMES AS A RELIEF TO LOW INCOME INDIVIDUALS PAWNING GOLD JEWELLERY TO MEET THEIR SHORT-TERM FINANCING NEEDS DUE TO COVID-19

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