People's Bank slashes interest on agricultural sector loans

Chaminda PERERA

People's Bank has reduced the interest rate on loans issued to the industrial and agricultural sectors with immediate effect. Chairman W. Karunajeewa said several fiscal policies implemented by the Central Bank of Sri Lanka and the soaring economic development rate has led the bank to reduce the interest rate.

"The interest rate on loans issued for the purchase of agricultural implements has been reduced to 18 percent while the interest rate on loans for the purchase of fishing gear and the cultivation of export oriented crops is 19 percent," he said.