ECONOMYNEXT – New active credit cards in Sri Lanka increased by 14,468 in August this year, the central bank data showed, amid the country’s economic recovery and lower interest rates.
The number of total active credit cards recorded 2,102,537 by end August, compared to 2,088,069 by end July, showing an increase of 0.69 percent in the month.
The active credit cards have risen by 4.7 percent or 94,081 in the first eight months of this year, the data showed.
Active credit cards in Sri Lanka rose by 4.8 percent or 91,371 in 2024, the Central Bank data showed, with the island nation’s economic recovery and strong promotions for credit cards amid falling interest rates.
Analysts have said most banks have tied up with super markets and other vendors to promote credit cards in the falling interest rate regime as the country’s economy has shown more-than-expected recovery.
They said Sri Lanka’s economic recovery and stability have helped customers to use more credit cards than in 2023.
Some analysts said higher interest (penalty) rates on credit cards also had prompted some users to cancel their cards in the last year and the same customers might be actively using the cards now.
Active credit cards, however, fell 1.8 percent or by 39,991 in 2023, after the country declared bankruptcy in 2022 amid unprecedented hike in the Central Bank’s monetary policy rates.
The central bank spiked the interest rates sharply in April 2022 to fight against a hyperinflation. However, the inflation slowed to a deflation September last year before turning to positive in August this year amid the central bank’s reduction of key policy rates eight times since June 2023. (Colombo/October 21/2025)
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