In response to the recent decision made by the Monetary Policy Board of the Central Bank of Sri Lanka to increase the Overnight Policy Rate by 100 basis points, market interest rates have subsequently risen.
As a result of this adjustment, numerous banks are proactively raising the interest rates associated with credit cards. Customers have started receiving notifications that the annual interest rate on credit cards will increase from the current rate of 26% to 28%, with this change set to take effect on July 1st.
This increase in rates coincides with a growing trend in credit card usage. The Central Bank of Sri Lanka reported that the total number of active credit cards in the nation reached 2,166,186 by the end of 2025. This figure continued to climb, reaching 2,215,853 by the end of the first quarter of 2026.
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Recent statistics also reveal a notable rise in consumer debt levels. As of December 31, 2025, the total outstanding balance on credit cards was Rs. 189,706 million. This amount increased to Rs. 194,105 million by March 31, 2026, indicating a growing dependence on credit despite the upcoming interest rate hikes.
Source: Financial Chronicle Biz English | Sri Lanka Business News.
