Commercial Bank reduces lending rates

Commercial Bank has reduced its lending rates on most borrowing facilities, with a greater emphasis on priority sectors with immediate effect.

The Bank said its decision has been taken considering the general decline in interest rates and the recent rate reductions announced by the Central Bank.

Commenting on the rate reductions, Amitha Gooneratne, Managing Director of Commercial Bank said that the rate reduction was in line with the government's initiative to rejuvenate the economy and support customers to take advantage of emerging opportunities. The Bank also recently announced a reduction of interest rates on its 'Nivahana' Housing Loan scheme enabling the public to obtain housing loans at significantly lower rates. Established in 1969, the Commercial Bank has a network of 172 computer-linked branches and supermarket banking counters and 350 ATMs in Sri Lanka.