📈 Sri Lankan Credit Card Interest Rates to Rise to 28% From July 1

Following the Central Bank of Sri Lanka’s recent 100 basis point hike to the Overnight Policy Rate, commercial banks are adjusting market interest rates upward. Key Highlights: • Interest Rate Hike: Annual interest rates on credit cards will increase from the current 26% to 28%, effective July 1, 2026. • Surge in Active Cards: Despite the looming rate hike, credit card usage is expanding. Active cards grew from 2.17 Mn at the end of 2025 to 2.22 Mn by the end of Q1 2026. • Rising Consumer Debt: The total outstanding credit card balance climbed from Rs. 189.71 Bn as of December 31, 2025, to Rs. 194.11 Bn by March 31, 2026, signaling an increasing public reliance on credit. _Note: Figures are based on the latest central bank data._