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Leading News from Sri Lanka ::
Oct 29, Colombo: Sri Lanka main opposition United National Party (UNP) says the Government's move to reduce the interest rates of state bank is an election artifice.
Speaking to the media, Colombo district parliamentarian Ravi Karunanayaka said that the state banks would incur a huge loss of Rs. 75 billions as a result of this sudden decision by the government.
According to the MP Karunanayaka the two main state commercial banks alone will incur a Rs. 67 billions loss.
"Reducing the loan interests is an essential step, but it should introduce more carefully," he said without elaborating how he arrived at the figures.
MP Karunanayaka pointed out that the government's sudden decision to reduce the interest rates will shake one's faith as they have not mentioned the way that they recover the money.
The main opposition stressed that the interest rates of the state bank loans would certainly be increased up to 25% after the election if the government wins it.
Additionally, the government will apply more taxes on the innocent people to cover the huge loss incurring by the state banks due to this step, the opposition MP added.
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