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8.5 mn Lankans are in CRIB due to interest rates

30 Aug 2022

BY Dinitha Rathnayake  Around 8.5 million persons are listed in the Credit Information Bureau of Sri Lanka (CRIB) due to the increase of interest rates and their inability to make the due payments, The Morning learnt. Speaking to The Morning, Leasing and Loan Repayment Members Association (LLMA) Chairman Asanka Pothupitiya said that the people are unable to pay the interest due to the current economic crisis. “We held a protest against the increase of interest rates. The loan interest has increased from 8.5% to 18% and the leasing rate from 12% to 34%. There is no salary increase for Government and private employees. The prices of essential items are also high. So how are they supposed to pay the interest?” Many have difficulties paying the housing and leasing instalments due to this reason. The LLMA also expressed concerns over the delay of repaying the vehicle loan instalments by their members to leasing organisations and therefore requested Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe to intervene in this matter and direct the leasing companies to grant them a considerable time period of at least six months to one year to re-pay the leasing instalments without having to pay an additional fine. Pothupitiya said that nearly 200,000 persons have already obtained membership in the Association and that almost all are currently facing financial difficulties in making their vehicle loan related instalments.


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