The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and the Regional Chamber Network are extremely pleased with the directives issued by The President to reduce the interest rates in the State Banks and identified the move as the first win in the war of economic rehabilitation.

Kosala Wickramanayake, President, FCCISL is of the view that the decision of the largest State Banks, Bank of Ceylon and Peoples Bank to reduce the interest rates on all outstanding loans with immediate effect, is an encouraging and positive trend and request other banks to follow suit. The Chambers are happy to note that anyone who borrows rupees one hundred will have to pay only one rupee a month as the interest component and this would sparkle considerable new businesses and investments.

It is noted that the decision to accommodate under the scheme, defaulters with justifiable reasons is a great relief to those entrepreneurs who were affected by the conflict and the downturn of the economy.

The FCCISL and the Regional Chamber movement also wish to place on record our appreciation for this bold move of The President to win the economic war and to achieve Millennium Development goals.