The Central Bank of Sri Lanka has said that Sri Lankans have transferred 5.5 billion rupees through their credit cards in the first three months of this year alone due to rising inflation.
In just three months, the total credit card balance stood at 3.9 billion rupees. However, the total credit card balance is reported to have increased to 138.8 billion rupees by the end of March 2022.
The Central Bank of Sri Lanka has now raised interest rates as a step towards easing the economic crisis.
Also, all commercial banks are rapidly raising their credit card balance up to 30 percent after removing the maximum interest rate caps on credit cards.
The increase is expected to take effect next month.
Meanwhile, some banks are reportedly rejecting requests for new credit cards and not even stating the reasons for rejecting those requests.