BoC slashes interest rates

Bank of Ceylon (BoC) reduced its interest rates with immediate effect a media release from the bank said yesterday.

BoC, the largest lender in the country decided to reduce interest rates on its lending in order to support the Government's initiative of boosting the post war economic development.

BoC General Manager B. A. C. Fernando said that the bank acknowledges its responsibility to develop the economy and accordingly the lending rates were reduced to as low as eight percent to 12 percent on housing, industries, agriculture and fisheries, animal husbandry, tourism and exports.

This rate reduction will be applicable to existing borrowers as well as future borrowers, the release said.