Rapid economic development:

Rate reduction necessary

Ishara Mudugamuwa

It is necessary to reduce the bank interest rate with the rapid economic development taking place of the country, said Economic Professor Kelaniya University, Sunanda Maddumabandara at a press conference held at the Mass Media and Information Ministry.

Bank interest rates are at the high level and it should have been reduced earlier but no one did it. The Government has done it after realizing the necessity of reducing bank rates.

With this, we can see good results by way of increased productivity," said the Professor.

He said, It will help to enhance investment, reduce inflation and create economic development in the country.

The reduction in bank interest rates will not affect the banks, but it will lead to progress in the banking sector, he said.