ECONOMYNEXT – New lively bank cards in Sri Lanka rose by 8,665 in November final 12 months, the most recent Central Financial institution knowledge confirmed, with promotions by banks for bank cards with the important thing fast-paced client items (FMCG) distributors amid falling rates of interest.
The variety of lively bank cards recorded 1,951,654 by finish November, in comparison with 1,942,989 by finish October, displaying a rise of 8,665.
The variety of month-to-month new lively bank cards stood at 6,653 in October and seven,958 in September.
Analysts stated most banks have tied up with tremendous markets and different distributors to advertise bank cards within the falling rate of interest regime.
The variety of lively bank cards has risen by 1.8 % or 34,569 within the first 11 months of 2024 from 1,917,085 by the tip of final 12 months, the official knowledge confirmed.
Analysts stated Sri Lanka’s financial restoration and stability have helped prospects to make use of extra bank cards than final 12 months. The island nation has recorded almost four-fold improve in overseas foreign money outflow to $675 million on account of locals occurring extra overseas visits within the first 11 months of final 12 months.
Energetic bank cards in Sri Lanka have fallen over 2 % or 39,991 within the first 11 months of 2023. The variety of lively bank cards fell to 1,913,000 by the tip November 2023 from 1,952,991 by the tip of 2022, the central financial institution knowledge confirmed.
Some analysts stated increased curiosity (penalty) charges on bank cards additionally had prompted some customers to cancel their playing cards in 2023 and the identical prospects is likely to be actively utilizing the playing cards now.
The central financial institution spiked the rates of interest sharply in April 2022 to combat in opposition to a hyperinflation. Nonetheless, the inflation has now slowed to a deflation since August final 12 months. The central financial institution has lowered its key coverage charges seven occasions since June 2023. (Colombo/January 06/2025)
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